MSCI review of crypto treasury firms could trigger $15 billion selling in 2025

BitcoinForCorporations, which is organizing opposition to the proposal, projected $10 billion to $15 billion of potential outflows tied to index-linked funds. The group said the estimate was based on a “verified preliminary list” of 39 companies with about $113 billion in combined float-adjusted market capitalization. Its petition letter opposing the change had 1,268 signatures at the time of writing.

The group also pointed to a JPMorgan estimate that Strategy could face about $2.8 billion of outflows if removed from MSCI indexes. BitcoinForCorporations said Strategy accounts for 74.5% of the impacted float-adjusted market capitalization. Separately, analysts have calculated a smaller aggregate figure, estimating potential outflows of about $11.6 billion across the companies they consider exposed.

MSCI launched the consultation in October, asking investors whether companies that hold a majority of their balance sheet in crypto should be excluded from certain benchmarks. MSCI indexes are widely used as reference points for passive investment products, meaning inclusion and classification decisions can affect whether index trackers must buy or sell a stock.

Opponents argue the proposed screen is overly narrow. BitcoinForCorporations wrote that a single balance-sheet metric does not capture whether a firm is an operating business, and that the rule could remove companies even if their customers, revenue, operations and business model are unchanged. The group urged MSCI to withdraw the proposal and keep classifications focused on business model, financial performance and operational characteristics. MSCI said it plans to publish its final conclusions by 15 January 2026, with any proposed implementation scheduled for the February 2026 index review. Objections have also come from listed firms: on 5 December 2025, Nasdaq-listed Strive urged MSCI to “let the market decide,” and Strategy later argued the change would introduce bias against crypto-linked companies rather than keeping the index provider neutral.

As GNcrypto reported earlier, Strategy Chief Executive Phong Le opposed MSCI’s consultation in a 10 December 2025 interview and confirmed the company filed a formal objection, arguing the proposal would treat crypto differently from other balance sheet assets held by operating companies. MSCI opened the review in October, is taking feedback through 31 December 2025, and plans to publish conclusions on 15 January 2026 ahead of the February 2026 index review.