# Crypto Treasury Firms Lose the Passive Bid

Index providers will keep reclassifying or excluding companies whose balance sheets are mainly crypto holdings, forcing passive sellers out of those stocks. That removes a structural buyer of crypto-treasury equity, narrows or reverses their premium to net asset value, and limits their ability to raise new money to buy bitcoin.

- Conviction: 38 / 100 (forming)
- Horizon: Emerging (watchlist)
- Tracking since: 2026-11-12T00:00:00.000Z
- Last updated: 2026-11-12T14:14:59.278Z
- Canonical: https://polylog.news/trends/crypto-treasury-index-exclusion
- Publisher: Polylog
- Affected regions: United States

## Recent evidence

- [confirms] MSCI Drops Strategy From Its Indexes as Bitcoin Holds Near $74,000 (2026-11-12): MSCI dropped Strategy from its indexes, so tracking funds must sell about 13 million shares by the November 30 close. Index money had been one of the largest steady buyers of a bitcoin-treasury company's stock.