In a move that could shape corporate Bitcoin adoption, index provider MSCI is set to decide whether to exclude companies with significant Bitcoin reserves from its global benchmarks. The outcome, expected on January 15, could affect billions in foreclosures and set precedents for how Wall Street views Bitcoin as a financial asset.
MSCI Inc., a New York-based publicly traded company listed on the NYSE with a market capitalization of $43.76 billion and a share price of $565.68 per share. January 2, is a key player in the investment world. It curates over 246,000 stock indices daily, with more than $18.3 trillion in assets under management benchmarked to them. These indices serve as blueprints for funds and portfolios, helping investors gain exposure to specific market segments.
Unlike NASDAQ, which acts as both an exchange where companies list and trade, and a composite index that tracks those listings, MSCI focuses solely on index creation. The S&P 500, managed by S&P Dow Jones Indices, is similarly an index but targets the 500 largest US companies by market capitalization. MSCI’s offerings, such as the MSCI World Index covering developed markets, provide broader global and thematic coverage, influencing trillions in investment decisions.
The issue began on October 10, 2025, when MSCI issued a consultation proposal to exclude companies with 50% or more of their assets in digital assets such as Bitcoin or other cryptocurrencies from their Global Investable Market Indexes. The reason: such companies function more like foundations than traditional companies. The proposal named 39 companies, including Bitcoin holders such as Strategy and Metaplanet. The announcement sparked an immediate market reaction, with Bitcoin experiencing a sharp intraday plunge of around $12,000 on the same day, marking the start of a broader price correction.
Wider awareness grew in late November 2025 when JPMorgan analysts highlighted the risks in a report that estimated $2.8 billion in outflows from Strategy alone and up to $8.8 billion if other index providers followed suit. This may have intensified selling pressure on affected stocks and contributed to Bitcoin’s continued retreat amid a broader market decline. Estimates of total foreclosures, if implemented, range from $10 billion to $15 billion over a year, per Bitcoin for Corporations (BFC) analysis.
The consultation period, open for stakeholder feedback, ended on December 31, 2025. The BFC, a coalition accelerating corporate Bitcoin adoption, quickly mobilized. They launched a website detailing the proposal’s shortcomings, including a technical appendix detailing potential market impacts. The BFC drafted a letter opposing the change, collected over 1,500 signatures in two weeks and delivered it to MSCI on 30 December. Eight of the 39 affected companies are BFC members.
After the initial outreach interview, BFC held an interview with MSCI’s Head of Research and Leadership. “We had a very constructive conversation,” said George Mekhail, BFC’s chief executive. “I think they were very much still in a listening and learning attitude. I think a lot of this just really has to do with a lack of education and understanding of Bitcoin itself, as well as these Bitcoin finance companies and the importance of their operating businesses.”
Mekhail noted that the proposal was apparently driven by genuine analytical concerns rather than malice, triggered by Metaplanet’s recent issuance of preferred stock, not Strategy’s larger holdings. A key gap: MSCI did not distinguish between Bitcoin and other cryptocurrencies, treating all digital assets equally. This has fostered a temporary alignment between Bitcoin advocates and the broader crypto sector in opposition, highlighting an ongoing education gap between the Bitcoin industry and Wall Street institutions.
Next, MSCI will announce its decision on January 15, 2026. If approved, exclusions will take effect on February 1. Mekhail outlined three scenarios: implementation (worst case, forced sale), a delay for further review (most likely, in his estimation) or full withdrawal (best case). Polymarket bettors are currently giving Strategy a 77% chance of being delisted from MSCI by March 31.
The most financial fallout would hit Strategy, which holds the vast majority of affected Bitcoin coffers. Founder Michael Saylor’s company has engaged MSCI directly, issued its own letter and worked behind the scenes. Other opposition includes letters from Strive Asset Management and investor Bill Miller.
Industry pushback has been robust and visible, and no major groups have publicly endorsed the proposal. This asymmetry underscores Bitcoin’s organized, motivated constituency versus dispersed critics, echoing the dynamics of recent political shifts such as the 2024 US election.
A pullback would boost the company’s Bitcoin strategies; implementation could deter state treasuries. As Mekhail put it, “The most positive outcome is that they accept it and they withdraw the proposal.” The decision tests Wall Street’s adjustment to Bitcoin’s role in the balance sheet.
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