MSCI has launched a consultation on whether companies with significant cryptocurrency or bitcoin holdings should be excluded from some of its major indices, sending waves through markets that track those indices.
According to the report, the consultation is aimed at companies whose balance sheets are more than 50% invested in digital assets. Strategy CEO Phong Le said in an interview that the move was “like penalizing Chevron for oil,” and that holding the assets should not disqualify the operating company from broad market indices.
Impact estimates suggest billions of people could be displaced
The potential impact could be significant, according to reports from banks and analysts. JPMorgan estimates that adjusting MSCI alone could trigger about $2.8 billion in forced selling, a figure that could rise to $8.8 billion if other index providers follow suit.
Stocks of companies holding Bitcoin have already felt pressured. Strategy (ticker MSTR), the largest corporate Bitcoin holder, has been seeking to speak directly with MSCI to clarify its position and prevent its removal from the major index.
Pont Le joined us. @SchwabNetwork Discuss the $60 trillion digital credit opportunity and response to MSCI. Limiting passive index investments in Bitcoin today is limiting investments in oil and oil rigs in the 1900s, spectrum and cell towers in the 1980s, or limiting investments in computing and… pic.twitter.com/3VcYnF5nE4
— Strategy (@Strategy) December 10, 2025
Who may be affected and why?
This review focuses on so-called “digital asset treasury” companies, i.e. companies that can act like investment vehicles if a significant portion of their assets are in cryptocurrencies.
According to the circulated consultation document, the 50% threshold defines the most extreme case. Some analysts warn that this standard is blunt and could misclassify companies that operate real-world businesses while using cryptocurrencies as financial reserves.
Industry groups mobilize
A coalition of Bitcoin-focused companies and trade associations has publicly opposed the move. They argue that excluding these companies would mechanically force passive funds linked to MSCI indices to sell their holdings, even if they are part of an operating business.
The report revealed letters, interviews and lobbying efforts to influence MSCI’s final decision. Market participants say the backlash highlights tensions between traditional index rules and companies with non-traditional asset allocations.
Decision timelines can trigger market movements
The consultation window is expected to close around December 31, 2025, and some reports suggest MSCI could announce a decision by mid-January 2026.
Once the exclusion is implemented, passive funds tracking MSCI indices may need to rebalance, which could result in mechanical selling pressure on the affected stocks. However, feedback during the consultation may still change the outcome before the final rule is adopted.
Bitcoin Investors Face Key Questions
In addition to short-term market movements, investors will now face questions about which listed companies exceed the 50% threshold, how indices should treat non-traditional assets, and whether other index providers will adopt similar rules.
MSCI’s choice could impact the flow of billions of dollars and reshape how listed companies approach cryptocurrency holdings.
Featured image from Unsplash, chart from TradingView
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