Shortsighted Shift at MSCI Singles Out Bitcoin Treasury Companies and Undercuts Benchmark Neutrality

MSCI is consulting on a rule, effective February 2026, to exclude publicly traded companies from its Global Investable Market Indexes if 50% or more of their assets are held in digital assets like Bitcoin. This would impact legitimate operating entities such as Strategy (formerly MicroStrategy) and American Bitcoin Corp (ABTC), whose treasury strategies include Bitcoin.

The article argues that concerns about passive outflows, like the predicted $2.8B from Strategy, are overstated given the company's high trading volume, noting the real danger is setting a precedent that politicizes index eligibility based on treasury composition. Furthermore, the proposal contradicts MSCI's own balance sheet, which holds significant, less liquid intangible assets, while penalizing companies for holding Bitcoin—an asset that is more liquid and transparent.

This move violates core benchmark principles: Neutrality (as Bitcoin is the only treasury asset singled out), Representativeness (distorting the view of the corporate landscape), and Stability (creating a volatile 50% cliff effect). Alternatives like enhanced disclosure or sub-sector classification are proposed. Ultimately, excluding these firms damages global competitiveness and sets a dangerous precedent for politicizing index construction, urging MSCI to withdraw the proposal.

(Source：Bitcoin Magazine)