Crypto treasury companies could face forced selling if MSCI crypto treasury rules lead to exclusions from MSCI indexes, according to estimates cited by BitcoinForCorporations and analysts.
The campaign group projected $10 billion to $15 billion in potential outflows tied to index tracking strategies, based on a preliminary set of affected firms.
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The estimates rely on how passive funds operate. When MSCI indexes remove a stock, many index tracking funds must sell it.
As a result, an index decision can create selling pressure even if a company’s daily operations do not change.
BitcoinForCorporations said the crypto treasury company group includes 39 companies with $113 billion in total float adjusted market capitalization.
The group tied that figure to its outflow range of $10 billion to $15 billion.
MSCI crypto treasury rules focus on balance sheet exposure
MSCI said it is consulting with the investment community on whether to exclude crypto treasury companies that hold the majority of their balance sheet in crypto. The consultation began in October, according to the report.
The policy matters because MSCI indexes act as benchmarks for large pools of passive capital. Therefore, inclusion decisions can affect how much capital reaches a company through index linked flows.
The report said MSCI’s final conclusions will be announced by Jan. 15.
It also said the proposed implementation would be handled during the February 2026 Index Review, which links the timeline to the MSCI index review February 2026 process.
Analysts point to $11.6B total outflows and $2.8B tied to Strategy
Analysts calculated that potential outflows could total $11.6 billion across all impacted companies.
The report linked that number to broad selling pressure risks during a period when crypto markets had already trended downward for almost three months.
The report also highlighted a separate estimate focused on Strategy, the bitcoin treasury firm associated with Michael Saylor. It said JPMorgan estimated $2.8 billion in outflows for Strategy if MSCI removes it from the indexes.
BitcoinForCorporations said Strategy represents 74.5% of the total impacted float adjusted market capitalization. That concentration explains why the outflow math centers on Strategy in many discussions about MSCI crypto treasury rules and forced selling.
BitcoinForCorporations says the MSCI balance sheet rule is not fair
BitcoinForCorporations argued that a balance sheet screen does not capture what an operating company does. The group said,
“A single balance sheet metric cannot reflect whether a company is an operating business. The rule would remove companies even when their customers, revenue, operations, and business model remain unchanged.”
The group also said MSCI should change course. It added that MSCI should
“withdraw the proposal and continue to classify companies based on their actual business model, financial performance, and operational characteristics.”
The report said the BitcoinForCorporations petition letter had 1,268 signatures at the time of writing. The group used that count to show growing organized pushback against the MSCI balance sheet rule.
Objections grow as Strive and Strategy send letters
The report said several industry players voiced objections to the proposal in recent weeks. It described public comments and formal letters as the consultation window moved closer to the Jan. 15 decision date.
On Dec. 5, Nasdaq listed Strive urged MSCI to “let the market decide” whether investors want bitcoin holding companies inside passive portfolios. The statement framed the issue around investor choice inside MSCI indexes.
A few days later, Strategy said the proposed change would bias MSCI against crypto as an asset class, instead of acting as a neutral index provider.
The letter added another data point in the dispute over MSCI crypto treasury rules, crypto treasury companies, and the risk of forced selling tied to index removals.
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Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: December 18, 2025 • 🕓 Last updated: December 18, 2025
