If the Morgan Stanley Capital International Index (MSCI) decides to exclude crypto treasury companies from its indexes, these companies may be compelled to sell as much as $15 billion in crypto.
BitcoinForCorporations, an advocacy group opposing MSCI’s potential decision, estimated that outflows could reach between $10 and $15 billion, based on a “verified preliminary list” of 39 companies with a combined float-adjusted market cap of $113 billion.
Additionally, JPMorgan’s analysis suggests that Michael Saylor’s strategy could result in $2.8 billion in outflows if removed from the MSCI, representing 74.5% of the overall affected float-adjusted market capitalization.
Analysts have projected potential outflows totaling $11.6 billion across all affected companies. Such significant selling pressure would further impact crypto markets, which have been experiencing a downward trend for nearly three months.
The BitcoinForCorporations petition had garnered 1,268 signatures at the time of this report.
We spell out the potential implications of MSCI’s proposed 50% DAT exclusion rule: https://t.co/ceJZU0dRTP pic.twitter.com/5CixFrEYVR
— George Mekhail (@gmekhail) December 17, 2025
Balance sheet not a fair metric
In October, the MSCI announced it was consulting with the investment community regarding the potential exclusion of crypto treasury companies with significant crypto assets on their balance sheets.
MSCI’s indexes are vital benchmarks that dictate which companies passive investment funds must include, making its inclusion decisions crucial for companies’ capital access.
However, BitcoinForCorporations argues that using a balance sheet metric is an unfair method for evaluating a company.
“A single balance sheet metric cannot reflect whether a company is an operating business. The rule would remove companies even when their customers, revenue, operations, and business model remain unchanged.”
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They urged MSCI to “withdraw the proposal and continue classifying companies based on their actual business model, financial performance, and operational characteristics.”
MSCI will announce its final conclusions by January 15, with proposed implementation included in the February 2026 Index Review.
Growing objections to the proposal
Recently, several major industry players have expressed their objections to the MSCI proposal.
On December 5, Nasdaq-listed Strive urged the MSCI to “let the market decide” if investors wish to include Bitcoin-holding companies in their passive investments.
A few days later, Strategy issued a letter stating that the proposed policy change would unfairly skew MSCI against crypto as an asset class, rather than the index company acting as a neutral arbiter.
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