The largest corporate holder of bitcoin, the company Strategy, has openly criticized MSCI's new plan to revise the criteria for including issuers in global indices. In an official statement, company representatives called the proposal "discriminatory and arbitrary," emphasizing that it creates unequal conditions for companies whose assets are not directly tied to their core operating business.
The essence of the MSCI initiative is simple and dangerous for an entire class of digital assets: if less than 50% of a company's assets are not related to its core activities, it risks undergoing additional scrutiny. In the worst case, it could lose its place in index baskets, which would automatically lead to capital outflows from passive funds that track these benchmarks.
My test calculations based on the proposed metrics show that crypto-oriented structures are the first to be hit. For example, in a pilot application of the new rules, Strategy and Japan's Metaplanet were subject to exclusion, while SharpLink was placed on a watchlist. This is not a coincidence but a systemic trend: companies using bitcoin as a treasury asset automatically become "toxic" for traditional index providers.
Currently, MSCI is accepting feedback from market participants until September 30, with a final decision expected to be announced by October 16. Given that Strategy has accumulated more than 200,000 BTC, its exclusion from indices would set a precedent capable of triggering a chain reaction among other issuers considering bitcoin as a strategic reserve.
My analysis: This is an attempt by MSCI to impose outdated corporate standards in the era of digital assets. If the regulatory logic prevails, we will see not only a reassessment of the fair value of such companies but also increased market volatility. However, I believe that pressure from institutional investors interested in bitcoin exposure through equities will force MSCI to soften its wording. Otherwise, the index giant risks losing relevance in the eyes of a new generation of capital.