Crypto treasury corporations may very well be compelled to promote as a lot as $15 billion in crypto if the Morgan Stanley Capital Worldwide Index (MSCI) goes forward and excludes them from its indexes.
BitcoinForCorporations, a bunch campaigning towards MSCI’s proposal, projected outflows of between $10 and $15 billion based mostly on a “verified preliminary record” of 39 corporations with $113 billion in whole float-adjusted market capitalization.
It added that JPMorgan’s evaluation estimated that Michael Saylor’s Technique might see $2.8 billion in outflows if it had been faraway from the MSCI. The Bitcoin treasury agency represents 74.5% of the whole impacted float-adjusted market cap.
Analysts calculated potential outflows might whole $11.6 billion throughout all impacted corporations. Such a big outflow would put extra promoting strain on crypto markets, which have already been trending downward for nearly three months.
The BitcoinForCorporations petition letter had 1,268 signatures on the time of writing.
We spell out the potential implications of MSCI’s proposed 50% DAT exclusion rule: https://t.co/ceJZU0dRTP pic.twitter.com/5CixFrEYVR
— George Mekhail (@gmekhail) December 17, 2025
Stability sheet not a good metric
The MSCI introduced in October that it was consulting with the funding group about whether or not to exclude crypto treasury corporations which have the vast majority of their steadiness sheet in crypto.
MSCI’s indexes function important benchmarks that decide which corporations passive funding funds should maintain, making inclusion selections extremely consequential for corporations’ entry to capital.
Nevertheless, BitcoinForCorporations stated {that a} steadiness sheet metric is unfair for judging an organization.
“A single steadiness sheet metric can’t mirror whether or not an organization is an working enterprise. The rule would take away corporations even when their prospects, income, operations, and enterprise mannequin stay unchanged.”
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They added that MSCI ought to “withdraw the proposal and proceed to categorise corporations based mostly on their precise enterprise mannequin, monetary efficiency, and operational traits.”
MSCI’s last conclusions shall be introduced by Jan. 15, and proposed implementation shall be included within the February 2026 Index Evaluate.
Rising objections to the proposal
A number of massive trade gamers have not too long ago voiced their objections to the MSCI proposal.
On Dec. 5, Nasdaq-listed Try urged the MSCI to “let the market resolve” whether or not they wish to embody Bitcoin-holding corporations of their passive investments.
Just a few days later, Technique acknowledged in a letter that the proposed coverage change would bias the MSCI towards crypto as an asset class, moderately than the index firm appearing as a impartial arbiter.
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