Overview
- MSCI is consulting on a rule that would exclude companies whose digital assets make up at least 50% of total assets from its core equity benchmarks, saying such firms resemble investment funds.
- A final decision is due January 15, 2026, with any approved changes slated for the February 2026 index review that would prompt index trackers to rebalance.
- Estimated passive outflows range from $10 billion to $15 billion across roughly 39 companies with about $113 billion in combined float‑adjusted market cap, with independent calculations clustering around $11.6 billion.
- Strategy (formerly MicroStrategy) accounts for about 74.5% of the impacted market cap, with JPMorgan estimating roughly $2.8 billion in MSCI‑linked outflows and scenarios of $8.8–$9 billion if other index families follow; TD Cowen pegs $2.5 billion tied to MSCI and $5.5 billion to other indexes.
- Industry pushback includes letters and roughly 1,200 petition signatures arguing the balance‑sheet test is unfair, while analysts warn passive de-listings could pressure both equities and, in stressed cases, prompt corporate crypto sales.