Bitcoin’s Institutional Frontier: The Battle for Index Inclusion

In a significant development for the cryptocurrency sector, global index provider MSCI is facing mounting opposition from industry leaders over its proposed exclusion of Digital Asset Trusts (DATs) with substantial Bitcoin holdings from its widely followed indexes. This potential policy shift, occurring as of late 2025, threatens to create a major barrier for institutional investors seeking regulated exposure to Bitcoin through traditional financial vehicles. Prominent figures like Michael Saylor, whose company MicroStrategy is one of the world's largest corporate holders of Bitcoin, and Vivek Ramaswamy of Strive Asset Management are spearheading the pushback. They argue that such an exclusion would be a regressive step, contradicting the accelerating trend of institutional adoption and digital asset integration into mainstream finance. The controversy highlights a critical juncture for Bitcoin's maturation. Excluding these trusts from major indexes would not only limit the available pathways for pensions, endowments, and funds to gain exposure but also signal a lack of validation from a key gatekeeper of the traditional financial world. This comes at a time when Bitcoin is increasingly viewed as a legitimate macro asset and a potential digital store of value. The industry's unified response underscores a broader narrative: for Bitcoin to fully realize its long-term price potential and solidify its role in global finance, it must be accessible through the very instruments and benchmarks that institutions trust and are mandated to use. The outcome of this debate will serve as a crucial indicator of Bitcoin's evolving acceptance within the established financial architecture.

Crypto Industry Pushes Back Against MSCI's Proposed Exclusion of Bitcoin Treasuries

The MSCI's potential decision to exclude Digital Asset Trusts (DATs) with significant Bitcoin exposure from its indexes has drawn sharp criticism from cryptocurrency professionals. Industry leaders argue this move could restrict institutional access to a growing asset class just as adoption gains momentum.

Michael Saylor of MicroStrategy and Vivek Ramaswamy of Strive Asset Management have joined a chorus of opposition against the proposal, which would affect trusts holding over 50% of assets in crypto. Fireblocks CEO Adam Levine warns the index provider risks repeating the mistake of early internet skeptics by sidelining companies with meaningful crypto exposure.

The debate comes at a pivotal moment for institutional crypto adoption. Many asset managers have only recently begun incorporating bitcoin strategies, and index-driven investors may face forced rebalancing if the exclusion takes effect. A final decision is expected in early 2024.

Bitcoin Hash Ribbons Flash Buy Signal as Miners Face Stress

Bitcoin hovers NEAR $90,000 after days of consolidation, its next move uncertain. Yet a critical on-chain signal—the Hash Ribbons indicator—has triggered, historically preceding bullish phases.

Analyst Darkfost notes the signal emerges when miner stress forces capitulation, marked by the 30-day hashrate average dipping below the 60-day. Such conditions often precede accumulation, as weaker miners sell and pressure subsides.

Excluding China's 2021 mining ban, every prior Hash Ribbon buy led to profitable medium-term gains. This isn’t a call to chase momentum, but a data point highlighting potential inflection.

Strive Asset Management Launches $500M Stock Offering to Expand Bitcoin Holdings

Strive Asset Management, founded by Vivek Ramaswamy, is raising $500 million through a preferred stock offering to accelerate its Bitcoin acquisition strategy. The firm already holds 7,525 BTC ($695.93 million) and ranks 14th among corporate Bitcoin holders globally.

Proceeds will fund general corporate purposes, including additional Bitcoin purchases and investments in income-generating assets. The MOVE mirrors Michael Saylor’s treasury strategy at MicroStrategy, with Strive previously announcing plans to acquire 75,000 BTC tied to Mt. Gox bankruptcy claims.

The offering follows Strive’s successful IPO and reinforces its aggressive pivot toward Bitcoin as a Core reserve asset. Market observers note the growing trend of public companies using capital markets to fund crypto acquisitions.

Bitwise CIO Challenges Traditional Crypto Cycle Narrative, Predicts Strong 2026

Bitwise Chief Investment Officer Matt Hougan has dismissed the conventional four-year Bitcoin cycle as outdated, arguing that institutional adoption and regulatory clarity will drive growth in 2026 rather than a post-halving downturn. Speaking on the Empire podcast, Hougan emphasized that historical patterns tied to retail speculation no longer apply to an increasingly institutionalized market.

"The four-year cycle wasn't some Immutable law—it emerged from specific market conditions that have fundamentally changed," Hougan told host Jason Yanowitz. Despite recent volatility, including weekend sell-offs exacerbated by thin liquidity, he noted Bitcoin remains flat year-to-date—a sign of stability amidst exaggerated fears.

Hougan's analysis suggests crypto markets are transitioning from speculative boom-bust cycles to steadier growth fueled by spot ETFs, corporate treasuries, and clearer regulations. This structural shift, he contends, makes analogies to previous downturns irrelevant.

Tidal Trust II Launches After-Hours Bitcoin ETF Play

Tidal Trust II's bold 'AfterDark' ETF filing targets the 18-hour window when traditional markets close. The fund will combine Bitcoin derivatives exposure with Treasury holdings during daylight hours, attempting to capture BTC's notorious after-hours volatility.

The structure bypasses direct BTC ownership, instead using futures, options and spot ETF shares - a workaround reflecting lingering SEC skepticism. 'This is institutional ingenuity meeting regulatory reality,' remarked one trader familiar with the filing.

Bloomberg's Eric Balchunas noted the strategy aligns with data showing 63% of Bitcoin's 2024 gains occurred outside NYSE trading hours. The move comes as issuers explore niche products following January's spot ETF approvals.

Harvard University Doubles Down on Bitcoin Amid Dollar Depreciation Concerns

Harvard University has significantly increased its exposure to Bitcoin, with holdings surging from $117 million to $443 million in Q3. The institution also boosted its Gold ETF allocations from $102 million to $235 million, signaling a strategic shift toward debasement trades as a hedge against fiat currency risks.

Bitwise CIO Matt Hougan highlighted the move, noting Harvard's aggressive accumulation of BTC—outpacing gold by a 2:1 ratio. The trend reflects growing institutional appetite for digital assets as stores of value, particularly amid Morgan Stanley's warnings of further USD weakness due to restrictive trade policies.

The Ivy League's positioning underscores a broader narrative: cryptocurrencies are gaining recognition as legitimate alternatives to traditional SAFE havens. With Harvard's endowment now holding nearly half a billion dollars in Bitcoin, the institutional validation could accelerate mainstream adoption.