MSCI readjusted the approach to indexing by shifting the focus from “encrypted asset holding” to “non-operational companies”. At the heart of the market concerns is not only whether Strategy will be excluded from the main index, but also whether the ability of the Bitcoin holder to follow up and continue to buy money may be affected once passive funds reduce its stock holdings.
There was a shock on October 10th.
On October 10th, 2025, there was a sharp fall in the encryption market. Bitcoin fell from approximately $122 million to $105 million within 24 to 48 hours, with more than $19 billion in leverage positions being liquidated.
On the same day, MSCI initiated for the first time an consultation on the index inclusion criteria for heavy silo digital assets. Under the programme at that time, if 50 per cent or more of the assets of a company are configured on an encrypted asset, they may be excluded from its main index. Since Strategy ' s operations were highly organized around bitcoin, the programme was rapidly raising market concerns.
New rules to re-examine non-operational companies
In January of this year, MSCI abandoned its previous programme to directly target the holding of secure assets. Strategy had objected to the proposal at that time, arguing that the rule was relevant to companies holding digital assets.
This time MSCI changed it. Instead of single-named encrypted assets, the new proposal would add a new category of “non-operational companies” and would focus on examining whether an enterprise relied primarily on holding assets rather than on day-to-day operations.
Under the proposal, MSCI will first determine whether the company has more than half of its assets to run. If not adopted, five indicators will continue to be examined, including operating expenses, cash use, impact of volatile asset prices and reliance on external financing. If four of them fail, the company may be excluded.
Strategy test results not passed
According to the text, MSCI has tested the new rules with May 2026 data and Strategy has not been screened.
- Test data time: May 2026
- Not adopted: Strategy, Metaplanet, Yellow Cake
- Observation List Company: SharpLink
This means that the new rules apply not only to Bitcoin holding companies, but also to other enterprises that are predominantly asset-holders, and therefore it is difficult to see them simply as targeting the encryption industry.
Passive vending concerns re-emerge.
The market is more concerned about the chain effect that Strategy could have once the main index had been removed. Morgan Chase had previously estimated that, if implemented under the earlier MSCI programme, funds to track the index could result in a negative sale of approximately $8.8 billion for Strategy shares.
This does not mean that the new proposal will trigger pressure on the same size, but if Strategy stock prices are under greater pressure to sell, the difficulty for companies to follow up on capital market financing may increase. For an enterprise that has long relied on financing to increase its Bitcoin, this would have a direct impact on its ability to continue to expand its schedule to buy bitcoin.
To date, the high point in the text, which stated that bitcoin was closer to US$ 12.6 million, has fallen by nearly 50 per cent, and is now reported at US$ 63 million. If Strategy is under new indexing pressure, the market may expect further weakening of its associated purchases.