Эксперты предупреждают о возможной потере $15 миллиардов из-за исключения криптокомпаний из индексов MSCI Translation: Experts warn of a potential $15 billion loss due to the exclusion of crypto companies from MSCI indices.

The organization BitcoinForCorporations has predicted a potential capital outflow of up to $15 billion from crypto treasury firms if MSCI decides to remove them from its indexes.

This analysis is based on a list of 39 companies with a total capitalization of $113 billion (taking into account publicly traded shares).

Under immediate threat of exclusion are 18 firms valued at $98 billion. Additionally, 21 companies ($15 billion) are currently not included in the index, facing a risk of a permanent ban on their inclusion.

Experts have pointed out a report from JPMorgan forecasting a withdrawal of funds from Strategy amounting to $2.8 billion. Michael Saylor’s firm constitutes 74.5% of the market value of all affected organizations.

BitcoinForCorporations has opposed MSCI’s initiative, with their petition already supported by over 1,200 industry representatives.

In October, MSCI began discussions with investors regarding the potential exclusion of companies whose assets consist of more than 50% in cryptocurrencies.

The provider’s decision is not just a formality; its indexes serve as a primary benchmark for numerous passive funds.

Inclusion in MSCI’s list almost guarantees an influx of institutional capital, while exclusion triggers massive sell-offs and directly affects the price and liquidity of the stocks.

BitcoinForCorporations criticized the initiative, calling the assessment of companies solely based on their balance sheet unfair.

“The sole balance sheet indicator does not determine whether a firm is an active operational entity. This rule will lead to the exclusion of issuers even when their customer base, revenue, operational activity, and business model remain unchanged,” the petition authors stated.

The organization urged MSCI to abandon the initiative and maintain the current classification approach. The petitioners believe that companies should be evaluated based on their actual business models, financial performance, and operational characteristics.

A final decision is expected by January 15. If the new rules are approved, they will take effect during the scheduled index review in February 2026.

A number of industry representatives have opposed MSCI’s initiative. Saylor stated:

“Strategy is not a fund, trust, or holding company. We are a public operating company with a $500 million software business and a unique treasury strategy that utilizes Bitcoin as productive capital.”

Together with Strategy’s CEO Fong Le, he also sent a letter to MSCI.

They were joined by Bitwise, an asset management firm, which described the provider’s criteria as subjective and warned that excluding crypto treasury firms could harm investors’ interests.

“We strongly urge MSCI to uphold the high standards that have made its indexes the benchmark globally, allowing its indexes to, as stated by Strategy, ‘neutrally and accurately reflect the next era of financial technology’,” Bitwise concluded.

In early December, Nasdaq-listed company Strive also stated that MSCI should “allow the market to decide for itself” whether to include Bitcoin firms in the indexes.

It’s worth noting that CoinShares’ head of research, James Butterfill, believes that the bubble in crypto treasuries has largely deflated.