MSCI’s Crypto Crackdown: Major Indexes Slam Door on Crypto-Treasury Firms as Strategy Fights Back

MSCI just drew a line in the sand—and it's cutting crypto-treasury firms out of the club.

The Exclusion Play

The index giant is moving to bar companies with significant crypto holdings from its major benchmarks. No more blending digital asset exposure with traditional equity portfolios through the back door. It's a purity test for the balance sheet, and bitcoin doesn't make the grade.

Strategy Pushes Back

But the pushback is immediate. Portfolio managers and crypto-native firms are already strategizing—arguing this ignores a fundamental shift in corporate treasury management. Why hold decaying cash when you can hold a programmable, scarce asset? The move feels less like prudent risk management and more like an old guard refusing to check the ticker.

The Ripple Effect

Expect volatility. Companies once flaunting their bitcoin buys for a valuation bump now face a potential index exodus. It creates a two-tier market: index-approved traditionalists and the crypto-correlated renegades. Some see it as a short-term headache for long-term legitimacy—the kind of friction that always precedes mainstream adoption.

A Cynical Take

Let's be real—this is classic finance gatekeeping. They'll embrace blockchain for settling T+2 trades but panic when the asset itself sits on the balance sheet. It's innovation theater, where the technology is welcome but its native currency is not. A neat trick to seem progressive while protecting the old revenue streams.

The fight isn't over indexes. It's over what counts as a legitimate asset. And that battle just got a major, public referee.

In brief

• Strategy argues MSCI’s policy misreads crypto-treasury firms and could skew index standards at a sensitive time for Bitcoin markets.
• MSCI warns inconsistent valuation and volatility could affect index accuracy as Bitcoin remains far below its all-time high.
• Fed research says rapid crypto swings and leverage may transmit stress into markets, raising concerns over index exposure.
• Strategy’s slowed Bitcoin buying and comments on possible sales add pressure as MSCI’s policy shift nears its January rollout.

Bitcoin Slump Adds Tension to Growing Dispute Between Strategy and MSCI

Strategy submitted its response after MSCI proposed removing companies whose balance sheets contain 50% or more in crypto. The company argued that digital-asset treasuries run active businesses and therefore should not be treated as passive investment vehicles.

By pointing to its Bitcoin-backed credit instruments, Strategy maintained that these firms build and manage commercial operations rather than simply holding crypto. The company also stated that MSCI’s plan would skew index policy against crypto as an asset class.

According to Strategy, MSCI already includes businesses centered on concentrated asset exposure. Examples include REITs, oil producers, and media holdings. Strategy added that financial firms frequently hold large pools of a single asset and create derivatives from those holdings, including mortgage-backed securities.

Many financial institutions primarily hold certain types of assets and then package and sell derivatives backed by those assets, like residential mortgage-backed securities.

MSCI sees the issue differently, as described in its policy book. The index provider believes crypto-treasury companies resemble investment funds more than operating firms because of their dependence on volatile digital assets. MSCI also warned that crypto-heavy balance sheets lack consistent valuation methods, which could complicate index pricing.

These concerns have intensified as bitcoin trades about 27% below its all-time high of $126,025. During the same period, Strategy’s stock has fallen more than 50% over the past year, according to market data.

Thin Liquidity Raises Stakes for MSCI’s Bitcoin Policy Overhaul

A Federal Reserve paper noted that crypto’s rapid price swings and common use of leverage can transmit stress into broader markets. For this reason, companies with substantial Bitcoin exposure may introduce added volatility into indexes that include them.

Key points shaping the policy discussion include:

• Inconsistent valuation standards for large corporate crypto holdings.
• Uncertain classification of crypto treasuries as operating companies or investment vehicles.
• Increased index volatility when member stocks track crypto price moves.
• Concentrated Bitcoin exposure during sharp market downturns.
• Risk of forced selling if firms adjust holdings to remain index-eligible.

MSCI’s rule change is expected to take effect in January. Strategy warned that the policy could prompt treasury companies to sell portions of their Bitcoin reserves to remain eligible for inclusion. The firm said that large sales could add new pressure to crypto markets at a time when liquidity remains thin.

Strategy’s own buying patterns have shifted. After purchasing 134,000 BTC in 2024, the company acquired only 130 BTC in December 2025. Its last major addition brought total holdings to 649,870 BTC, which later rose to 660,624 BTC. Remarks from CEO Phong Le—who stated that a Bitcoin sale WOULD occur only as a “last resort”—added tension to an already fragile market mood.

Analysts remain divided, as some traders believe that Strategy’s reduced accumulation reflects caution about future price direction. Others point to the company’s financial position—more than $1.4 billion in cash and no debt maturing until 2027—as evidence that it has little reason to sell its more than $60 billion in Bitcoin.

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