Today, MSCI—one of the rule setters and benchmark providers in global capital markets—officially adopted new index eligibility rules that could lead to digital asset treasury companies such as Strategy, Metaplanet, and Upexi being removed from some global investment indexes. This is quite serious, because it’s not about whether a particular company can continue buying $BTC , but whether it can remain in indexes tracked by large amounts of passive capital. This could directly affect demand for the company’s shares from passive funds, put pressure on its stock price, and shape its financing environment.
Of course, being at risk of removal doesn’t mean a company has already been removed, and the possibility of selling doesn’t mean the resulting selling pressure will necessarily cause a proportionate drop in the share price. But there’s no denying that as these companies’ core strategies increasingly revolve around holding a particular asset, traditional index providers face a question: should they treat these companies as operating businesses or as investment vehicles? This isn’t just a question for Strategy; it’s a capital-market valuation issue that the entire digital asset treasury model must confront.
Of course, being at risk of removal doesn’t mean a company has already been removed, and the possibility of selling doesn’t mean the resulting selling pressure will necessarily cause a proportionate drop in the share price. But there’s no denying that as these companies’ core strategies increasingly revolve around holding a particular asset, traditional index providers face a question: should they treat these companies as operating businesses or as investment vehicles? This isn’t just a question for Strategy; it’s a capital-market valuation issue that the entire digital asset treasury model must confront.