MSCI proposal puts 39 crypto treasury firms at risk of up to $15 billion index outflows

In early October, MSCI proposed excluding listed companies whose digital asset holdings represent at least 50% of total assets when their main activity is classified as digital-asset treasury, potentially forcing $10–15 billion in outflows. A preliminary list names 39 firms, including Strategy, Sharplink Gaming, Riot Platforms and Marathon Digital Holdings, with critics warning the rule would reclassify operating companies based on balance sheet exposure rather than business operations. MSCI is taking feedback until December 31 and plans to publish its final decision on January 15, with any index changes to be implemented in the February 2026 Index Review.