# 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.

- Conviction: 40 / 100 (forming)
- Horizon: Emerging (watchlist)
- Tracking since: 2026-11-12T00:00:00.000Z
- Last updated: 2026-11-12T14:14:59.541Z
- Canonical: https://polylog.news/crypto/trends/crypto-treasury-premium-unwinds
- Publisher: Polylog

## Recent evidence

- [confirms] MSCI Drops Strategy and Four Other Treasury Companies From Its Indexes as BitMine Reports a Yearly Loss Above $6 Billion (2026-11-12): 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.