Crypto-asset financial firms tense over MSCI index rule change talks… concerns of up to $15 billion selling pressure

Global index provider MSCI is considering a measure to exclude companies that hold large amounts of crypto assets from its indices, raising concerns that significant selling pressure could occur across the crypto asset market.

On the 18th (local time), Cointelegraph reported that BitcoinForCorporations, an opposition group of crypto asset financial firms, estimated that if MSCI excludes related companies from its indices, crypto asset sales of between $10 billion and $15 billion could occur. The group said it analyzed 39 companies with a free-float market capitalization totaling $113 billion.

In this regard, JPMorgan analyzed that if Strategy, led by Michael Saylor, were excluded from MSCI indices, about $2.8 billion of outflows could occur. Strategy was found to account for 74.5% of the total free-float market capitalization of the companies affected by this rule change.

Market analysts calculated that, based on all affected companies, potential outflows could total about $11.6 billion. They said this could add downward pressure to the crypto asset market, which has been in a declining trend for about the past three months.

BitcoinForCorporations' petition submitted to MSCI was reported to have 1268 signatures at the time it was drafted. The group maintains that it is unfair to evaluate companies solely on a simple balance-sheet basis.

MSCI solicited feedback from the investment community last October on a proposal to exclude companies that hold crypto assets as the majority of their assets from its indices. MSCI indices are used as a key benchmark determining the inclusion of passive investment funds, so index inclusion/exclusion decisions directly affect a company's access to capital.

BitcoinForCorporations argued, "A single financial metric cannot determine a company's substantive business nature," saying, "It could result in the exclusion of companies whose customer and revenue structures and operations remain unchanged." The group urged MSCI to withdraw the proposal and continue to evaluate companies based on actual business models and financial performance.

MSCI plans to announce a final decision by January 15, and if the rule change is confirmed, it will be reflected in the regular index review in February 2026. Recently, Nasdaq-listed companies such as Strive and Strategy have also voiced opposition, raising tension across the industry.