The largest corporate bitcoin holder, Strategy, has entered into an open conflict with index provider MSCI. The trigger was the latter's proposal to tighten the criteria for selecting issuers for inclusion in its indices, which Strategy describes as nothing less than "discriminatory and arbitrary."
The essence of MSCI's initiative is as follows: if less than half of a company's assets are not directly related to its core business, such an issuer may be subject to additional scrutiny. In the worst case, this threatens complete exclusion from index baskets. At first glance, this is a formally neutral rule, but in practice it delivers a targeted blow to companies using bitcoin as a treasury reserve.
My test calculations, based on MSCI's methodology, confirm market concerns: Strategy and Japan's Metaplanet automatically fall under the new criteria. SharpLink has also been placed on the special watch list. This is not just a bureaucratic formality—exclusion from MSCI indices automatically triggers a sell-off of shares by passive funds, which manage trillions of dollars. For Metaplanet, which is actively buying up BTC, this could be a serious blow to liquidity.
It is telling that MSCI has chosen an extremely tight timeline for discussion: feedback from market participants will only be accepted until September 30, and the final decision will be announced by October 16. This accelerated pace leaves issuers no time for meaningful dialogue or legal preparation.
From my point of view, this is a dangerous precedent. If MSCI pushes these rules through, other index providers—S&P Dow Jones and FTSE Russell—may follow suit. In effect, this would create a "gray zone" for all public companies diversifying their assets into cryptocurrency. Investors should closely monitor developments in the coming weeks, as MSCI's decision will determine not only the fate of Strategy but also the future of the entire trend toward corporate bitcoin reserves.