Crypto Treasury Companies Lose Their Index Bid
Index providers and accounting rules keep separating crypto-treasury companies from operating businesses, which removes passive demand, narrows their premiums and limits their ability to raise equity to buy more coins.
forming · confidence 40 · Emerging (watchlist) · tracking since November 12, 2026 · updated November 12, 2026
Why the conviction moved
- Nov 12Strengthened +6
MSCI's new screen classified Strategy and four other treasury companies as non-operating and dropped them from its indexes, so index funds must sell by the November 30 close. This is the removal of passive demand the thesis anticipates, now confirmed by a major index provider with a fixed date for the forced selling.
Source trail
Supporting · November 12, 2026
MSCI Drops Strategy and Four Other Treasury Companies From Its Indexes as BitMine Reports a Yearly Loss Above $6 Billion
MSCI's new screen classified Strategy and four other treasury companies as non-operating and dropped them from its indexes, so index funds must sell by the November 30 close. This is the removal of passive demand the thesis anticipates, now confirmed by a major index provider with a fixed date for the forced selling.
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