Угроза исключения криптовалютных компаний из индексов MSCI: возможный отток $15 миллиардов Translation: Headline: The threat of excluding cryptocurrency companies from MSCI indices: potential outflow of $15 billion

The organization BitcoinForCorporations has estimated a potential capital outflow of up to $15 billion from crypto treasury firms if MSCI decides to remove them from its indices.

This analysis is based on a list of 39 companies with a total market capitalization of $113 billion, taking into account shares in circulation.

Currently, 18 firms valued at $98 billion face immediate exclusion, while another 21 entities, valued at $15 billion, are not yet included in the index but risk a permanent ban on future inclusion.

Experts noted a separate report from JPMorgan forecasting a $2.8 billion outflow from Strategy, with Michael Saylor’s firm accounting for 74.5% of the market value of all affected organizations.

BitcoinForCorporations has opposed MSCI’s initiative. Their petition has already gathered support from over 1,200 industry representatives.

In October, MSCI began discussions with investors regarding the possible removal of companies whose assets consist of more than 50% in cryptocurrencies.

The provider’s decision is more than a mere formality; its indices serve as a primary reference for many passive funds.

Being listed on MSCI nearly assures an influx of institutional capital; exclusion can trigger large-scale sell-offs and directly impact the value and liquidity of securities.

BitcoinForCorporations criticized the initiative, arguing that assessing companies solely on their balance sheet structure is unjust.

«The singular focus on the balance sheet does not clarify whether a firm is an active operational company. This rule will lead to the exclusion of issuers even when their customer base, revenue, operational activities, and business model remain unchanged,» the petition’s authors asserted.

The organization urged MSCI to abandon the initiative and maintain the current classification approach. The authors of the appeal believe that companies should be evaluated based on their real business model, financial results, and operational characteristics.

A final decision is expected before January 15. If the new rules are approved, they will take effect during the planned index review in February 2026.

Numerous industry representatives have opposed MSCI’s initiative. Saylor stated:

«Strategy is not a fund, trust, or holding company. We are a publicly traded operating company with a $500 million software business and a unique treasury strategy that employs Bitcoin as productive capital.»

Along with the CEO of Strategy, Fong Lee, he also sent a letter to MSCI.

The asset manager Bitwise joined the call as well, describing the provider’s criteria as subjective and warning that the exclusion of crypto treasury firms could harm investor interests.

«We strongly urge MSCI to uphold the high standard that has made its indices a benchmark for the world and to allow its indices, as Strategy put it, to ‘neutral and accurately reflect the next era of financial technology’,» Bitwise concluded.

In early December, Nasdaq-listed company Strive also asserted that MSCI should «allow the market to decide for itself» whether to include Bitcoin firms in the indices.

We recall that James Butterfill, head of research at CoinShares, believes that the crypto treasury bubble has mostly deflated.