In a pivotal move that could significantly impact the corporate adoption of Bitcoin, index provider MSCI is set to announce whether it will exclude companies that hold substantial Bitcoin reserves from its global benchmarks. This decision, expected by January 15, has the potential to influence billions in forced selling and may reshape the perception of Bitcoin as a treasury asset within Wall Street.
MSCI Inc., based in New York and traded on the NYSE, boasts a market capitalization of approximately $43.76 billion, with a stock price of $565.68 as of January 2. Renowned for curating over 246,000 equity indexes daily, MSCI oversees more than $18.3 trillion in assets that are benchmarked against these indices. These benchmarks serve as vital tools for investors seeking exposure to specific segments of the market.
Differing from the NASDAQ, which functions as a stock exchange as well as an index, MSCI’s operations are solely dedicated to index creation. Its indexes, including the popular MSCI World Index that encompasses developed markets, guide trillions in investments.
The controversy began on October 10, 2025, when MSCI proposed consulting on a potential exclusion of companies holding 50% or more of their assets in digital currencies like Bitcoin from its Global Investable Market Indexes. The rationale behind this proposal was that such companies resemble funds more than traditional businesses. The proposal specifically listed 39 companies, including prominent Bitcoin holders, and prompted an immediate market reaction, with Bitcoin experiencing a notable drop of around $12,000 on the day of the announcement.
As awareness of the implications grew, JPMorgan analysts mentioned potential outflows of $2.8 billion from one affected company, Strategy, with estimates of up to $8.8 billion if other index providers followed suit. Such sales could contribute to ongoing selling pressure on affected stocks, compounding Bitcoin’s challenges amid a market downturn. An analysis by Bitcoin for Corporations (BFC) suggests that forced selling could total between $10 billion to $15 billion annually.
The consultation period for stakeholder feedback concluded on December 31, 2025. In response, BFC rapidly mobilized, creating a website to address the proposal’s potential negative impacts and gathering over 1,500 signatures on a letter opposing the exclusion, which was sent to MSCI. Notably, eight of the 39 companies highlighted in the proposal are BFC members.
BFC leadership engaged in discussions with MSCI, emphasizing the importance of education around Bitcoin and clarifying that concerns regarding digital assets were not necessarily malicious but more indicative of a lack of understanding, particularly distinguishing between Bitcoin and other cryptocurrencies. This recognition of the educational gap has fostered a temporary coalition between Bitcoin advocates and broader crypto supporters, united in their opposition to the proposal.
With the announcement date approaching, industry insiders speculate on three possible outcomes: the implementation of the exclusions, a delay for further review, or the complete withdrawal of the proposal. Current predictions suggest a 77% likelihood of Strategy being delisted from MSCI by March 31.
The potential fallout from this decision predominantly impacts Strategy, which holds the majority of the affected Bitcoin reserves. The company has been actively engaging with MSCI and other industry stakeholders, while notable protests against the proposal have come from various sources, highlighting a lack of public support for the initiative.
A withdrawal from the proposal would likely bolster corporate Bitcoin strategies, while implementation could discourage treasury investments in Bitcoin. As one industry leader articulated, the most favorable outcome would be for MSCI to reconsider and retract the proposal, underscoring a crucial moment for Bitcoin’s integration within corporate financial strategies and Wall Street’s evolving stance on digital assets.