MSCI proposed removing companies whose digital asset holdings exceed 50% of total assets from its global benchmarks, putting MicroStrategy at risk of exclusion. Banks and analysts estimate MSCI’s action alone could trigger roughly $2.5–$2.8bn of passive outflows from MicroStrategy and up to about $8.8–$9bn if other index providers follow, potentially chilling the wider digital-asset-treasury (DAT) industry. MSCI is holding a public consultation and will decide by Jan. 15; supporters of DATs argue these firms are operational companies, while critics say they resemble investment funds and may be ineligible for indexes.

MSCI proposed excluding firms with >50% digital-asset holdings from global benchmarks; analysts estimate $2.5–$2.8bn in passive outflows from MSCI for MicroStrategy and up to $8.8–$9bn if other indexes follow; MSCI’s consultation runs until Jan. 15 — concrete potential forced flows that could affect prices.