ISTANBUL 

Global index provider MSCI is considering excluding companies with digital asset ratios exceeding 50% from its main indexes starting in January 2026, fueling concern and uncertainty across the crypto market.

MSCI recently said it is still evaluating whether to remove such companies due to concerns that their business models resemble those of investment funds, as firms holding more than 50% of their assets in cryptocurrencies rely heavily on cryptocurrency purchases.

Following word of MSCI’s plan, uncertainties have come to the fore in the crypto market — with emerging concerns over the shares of such companies’ being sold by funds and asset management firms — a situation that could impact crypto prices.

MSCI is considering removing Strategy Inc., a business intelligence and mobile software company, from its index due to the firm’s massive Bitcoin holdings, following warnings from JPMorgan and other market observers over the index provider’s eligibility.

Strategy shares are bracing for volatility if this decision goes through. Phong Le, CEO of Strategy, said he will consider selling Bitcoin if the firm’s shares fall below its net asset value.

The MSCI exclusion scheme is not the only agenda item keeping the crypto market on edge however. The People’s Bank of China (PBoC) recently brought the risks associated with crypto assets, especially with stablecoins, back to the agenda.

The bank signaled that its regulations would become even tighter, causing more selling pressure on crypto assets.

The PBoC reiterated its decision that digital asset activities are illegal in China, doubling down on its crypto ban, which led the crypto market to fall and Bitcoin to lose 5% within 24 hours of the announcement on Monday.

The bank remains committed to maintaining its strict controls on crypto in its fight against illegal activities.

Bitcoin has since declined to around $83,000 this week amid the regulatory pressure and MSCI uncertainty.

Sant Manukyan, deputy CEO at Türkiye-based IS Investment, said that MSCI’s decision may not have a direct impact on the crypto market.

Manukyan noted that while removing Strategy from MSCI indexes could push the firm off the radar, and JPMorgan has already reduced its collateral value for the company, the move may “still not affect the overall dynamics of the crypto market.”

“The plan to exclude Strategy is certainly important for the firm but it is not something that will change the market’s dynamics,” he added.