2026-01-08 06:28:58

Recently, a matter has sparked community discussion—MSCI, the global stock and ETF market benchmark provider, officially announced that it will temporarily not remove companies like Strategy, a Bitcoin treasury company, from its list. This sounds like good news, but a closer look at the terms reveals some interesting points.

MSCI quietly added a clause: it will not execute any increases in the number of included shares (NOS). At first glance, it might seem insignificant, but in detail—Strategy issues new shares through ATM (at-the-market) offerings, MSCI's index will no longer assign weights to these new shares. In other words, passive funds will not automatically buy these newly issued shares due to issuance.

What does this break? It breaks a cycle: Strategy issues new shares to raise funds → buys Bitcoin → ETF passive funds are forced to buy supporting shares due to weight changes → creates capital circulation. Now, this route is blocked. No matter how many new shares are issued, passive funds won't move, cutting off the incremental capital flow.

MSCI's logic is quite clear: I acknowledge that you hold cryptocurrencies, but I will no longer provide passive capital support for your financing activities.

The same rules could also impact Bitcoin treasury companies like Metaplanet and Capital B. For these companies that rely on issuing new shares to buy coins, this is not a small change.

BTC1,15%

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GasFeeCrying

· 01-11 06:26

Oh no, MSCI's move is ruthless, directly cutting off that financing cycle. If Strategy wants to continue harvesting profits, it will be difficult. Passive funds won't follow the trend, who will take over the position? This wave is probably a tight constraint for the entire Bitcoin treasury army...

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RugResistant

· 01-11 00:42

yo wait, MSCI just pulled the plug on the passive fund feedback loop? analyzed thoroughly and yeah—NOS lock is basically saying "we see what you're doing and nope." strategy can dilute all they want now, passive money won't auto-follow. that's the exploit patched right there. red flags detected for anyone betting on continuous dilution cycles to pump the bags.

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ContractFreelancer

· 01-08 06:57

Damn, MSCI's move is indeed brilliant—superficially approving but actually choking the life out of it. What seems like good news is actually a death blow; not allowing new stocks to be weighted cuts off the passive funds' lifeblood, and the financing game for companies like Strategy is completely cooling down. Now Metaplanet and Capital B also have to take a hit; the days of funding through issuing stocks should be over. Blocking incremental funds is equivalent to blocking a major catalyst for the rise of the coin price. It's surprising that Bitcoin can still grow so wildly afterward. I feel this is a signal—traditional finance is gradually putting a leash on Web3's ambitions.

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SerumDegen

· 01-08 06:57

yo MSCI basically said "we see your bitcoin treasury play but we're not gonna be your personal ATM machine anymore" — that's the whole move right there. passive money goes brrrr on index rebalances, now it just... doesn't. strategy's growth hack just got lobotomized lmao

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ForkMonger

· 01-08 06:55

lol MSCI just put a governance leash on the whole bitcoin treasury play. they're basically saying "cool you can hodl, but we're cutting off your passive fund money machine" — that's the real move here, not the surface level approval thing.

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GasFeeCrier

· 01-08 06:54

Damn, MSCI's move directly cuts off the financing route, and Strategy's team can't come up with any tricks anymore.

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BridgeTrustFund

· 01-08 06:52

Damn, MSCI's move is pretty ruthless, seemingly maintaining but actually cutting off the lifeline. --- Another tactic that looks like good news but is actually a way to harvest the leeks—passive funds' automatic rollover is gone, and the financing chain is directly broken. --- What are the strategists thinking? No matter how many new stocks are issued, it's useless. Now, it's really up to ourselves. --- Interesting, MSCI is saying it's okay but not really okay. Keep stacking coins if you want, but don't expect me to cover your losses. --- They've shut the mouths of incremental funds, which is indeed a blow to Bitcoin treasury reserves. --- Haha, thinking it's good news, but it's actually a lukewarm water boiling frog—slowly draining your funds.

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BottomMisser

· 01-08 06:40

Oh wow, this move is brilliant. It seems like a whitelist but actually stifles development. --- So MSCI is basically saying: holding coins is fine, but don’t expect us to provide financing or takeovers. --- Now the Strategy’s printing press is broken, and no matter how many new stocks are issued, passive funds turn a blind eye... ruthless. --- It’s like gently strangling the capital cycle, a soft but deadly squeeze. --- Wait, isn’t this just preventing Bitcoin’s treasury company from engaging in financial arbitrage? I was wondering why it’s so interesting. --- In simple terms, MSCI is cleaning up the mess; the previous cycle was broken and needs fixing. --- Then Meta and Capital B will also have to suffer, and the path of ATM financing might be cut off for good.

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BrokenRugs

· 01-08 06:29

Oh, where's the good news? Turns out it's just a new way to cut leeks. --- So, Strategy is now cursed, no matter how many stocks are issued, it's useless. --- Passive funds need to wake up; they can't be led around by the nose anymore. --- Blocking the financing cycle? Clever, MSCI, that's a brilliant move. --- Wait, doesn't that mean these Bitcoin treasury companies will have significantly reduced financing capabilities? --- Cutting off capital flows; now it's a matter of who fails first. --- Fortunately, I didn't go all-in on these stocks; I feel there might be trouble ahead. --- MSCI's move is too sneaky, directly stifling the growth engine. --- Alright, another rule change has altered the game; the crypto world always has surprises. --- New stocks can't be counted towards weightings, so what will these companies use to attract capital?

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