MSCI calculates indices that funds worth hundreds of billions of dollars track: get into the index - you're automatically bought, get dropped - you're automatically sold. Previously, a temporary restriction applied: companies whose digital assets make up 50% or more of all assets were called into question. Now the threshold has been replaced by a screening of operating assets and five financial ratios with buffers for inclusion and exclusion timelines.
The logic is this: an existing company is removed from the index if it fails the check in the last two consecutive annual reporting periods or in the latest interim report. New ones are simply not admitted to the index under the same criteria.
Key dates: MSCI will publish the final list of affected companies on November 11, and the new rules will take effect after market close on November 30.
Strategy, Metaplanet, SharpLink (a company with an Ethereum treasury), Upexi and Yellow Cake have already shown up in the preliminary review. Strategy called the rules discriminatory and stated that their adoption would "deeply harm MSCI's reputation as a reliable and neutral index provider."
The market reacted calmly: on October 15, MSTR gained 5.62%, Metaplanet - 0.60%, SharpLink - 3.54%. The main nerve is on November 11 and 30: that's when it will become clear who funds will be selling under the regulations.
Ready for two dates in November?
Stories like this don't hit just one ticker: when crypto-treasury companies start getting hit by passive selling, it spills over into BTC and ETH too. These days can be traded, the question is where. Some prop firms offer crypto in a limited list of pairs, and carrying a position through the weekend or entering at the moment of publication is considered a violation of the rules. November 11 and 30 are already on the calendar, so it's worth checking the terms in advance.