Key notes
- MSCI’s proposed 50% crypto asset rule could trigger up to $15 billion in forced sales.
- Around 39 crypto treasury companies with a market value of $113 billion could be affected.
- The strategy alone could result in capital outflows of nearly $2.8 billion, according to the analysis.
A whopping $15 billion could be pulled out of crypto-related stocks if MSCI moves forward with a proposed rule change. If approved, the new guidelines would force major index funds to dump shares of companies that hold more than 50% of their assets in crypto.
In the meantime, crypto remains limited with Bitcoin
BTC
$88,300
24h volatility:
1.9%
Market capitalization:
$1.77T
Flight. 24h:
$52.81 billion
stuck below $90,000, but institutions aren’t backing down. Glassnode revealed that the average size of BTC treasuries held by public and private companies increased from 197,000 BTC to 1.08 million BTC, an increase of 448% since January 2023.
The overall size of Bitcoin treasuries held by public and private companies increased from 197,000 BTC to 1.08 million BTC, an increase of approximately 448% since January 2023.
Corporate balance sheets are becoming an increasingly important pillar of BTC demand.
– glassnode (@glassnode) December 9, 2025
Why the MSCI rule is important
MSCI is consulting with investors on whether companies with more than 50% of their balance sheet in digital assets should be excluded from its major stock indexes.
We explain the potential implications of MSCI’s proposed 50% DAT exclusion rule: pic.twitter.com/5CixFrEYVR
– Georges Mekhail (@gmekhail) December 17, 2025
These companies, commonly known as digital asset treasury companies, raise capital through equity or debt and use much of it to purchase assets such as Bitcoin.
MSCI indices serve as a benchmark for passive funds around the world. When a company is delisted, funds that track these indexes must sell the shares, regardless of market conditions.
This is why the proposal has raised concerns in the crypto space. MSCI plans to share its final view by January 15, and any rule changes are expected to take effect during the February 2026 index review.
$10 billion to $15 billion in potential outflows
BitcoinForCorporations, a group opposed to the proposal, estimates the forced sale could be between $10 billion and $15 billion. The group reviewed a preliminary list of 39 affected companies, whose combined float-adjusted market value is approximately $113 billion.
Analysts working with the group calculated that expected capital outflows would amount to about $11.6 billion if these companies were eliminated.
A single company, Strategy, represents approximately 74.5% of the The total impacted the market value and could face approximately $2.8 billion in sales tied directly to MSCI-linked funds.
Investors were optimistic after the strategy remained in the Nasdaq 100 following its annual shakeup, but it continues to face increased scrutiny from index providers. The company formally contested MSCI’s proposal, adding that it unfairly targets a single asset class.
BitcoinForCorporations has collected more than 1,200 signatures urging MSCI to abandon the balance sheet test. The group made a similar argument that judging companies based on a single metric ignores their actual business operations, revenues and customers.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article is intended to provide accurate and current information, but should not be considered financial or investment advice. Because market conditions can change quickly, we encourage you to verify the information for yourself and consult a professional before making any decisions based on this content.
A crypto journalist with over 5 years of industry experience, Parth has worked with leading media outlets in the crypto and finance world, gaining experience and expertise in the field after surviving both bear and bull markets over the years. Parth is also the author of 4 self-published books.
Parth Dubey on LinkedIn
