MSCI Finalizes Rules Excluding Bitcoin Treasury Firms Like Strategy From Indexes

Index eligibility has quietly become a structural constraint on the bitcoin-treasury model. MSCI's move treats single-asset balance sheets as a distinct category rather than a valuation question, which shifts the pressure from market sentiment to index mechanics — funds tracking these benchmarks may have to adjust exposure regardless of how the underlying asset trades. The open question is whether other index providers adopt similar language, and whether affected firms respond by diversifying holdings or by accepting a narrower shareholder base.