MSCI, one of the world's biggest stock index providers, finalized rules proposed in August that could remove shares of leading bitcoin -holding companies Strategy and Metaplanet (3350) from its global equity indexes.
Under the rules announced Thursday, companies that mostly hold investments rather than running a real business will be deemed ineligible for MSCI's Global Investable Market Indexes. The final list of affected firms is due Nov. 11 and the change takes effect at the close of Nov. 30.
The decision is important because it affects demand for the companies’ shares. Many investors gain exposure to stock markets by placing their money in funds that track an index. When a company is added to the index, those funds must buy its stock. When it is removed, they must sell, whatever the fund managers think of the company.
"The MSCI episode highlights a growing tension between traditional index construction and the rise of companies that treat Bitcoin as a core treasury asset rather than a secondary holding,” decentralized infrastructure network ZEROBASE said on X. “Passive capital has become an important source of demand for these stocks; any sustained reduction in that bid could tighten the equity-issuance window that several of them rely on to fund further purchases."
67 billion, according to Bitcoin Treasuries. It tends to fund its purchases by selling preferred shares such as STRC and STRK .
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