An analyst stated that if MSCI decides to exclude digital asset treasury companies in January, they may face "substantial pressure." He told Cointelegraph that this outcome is "very likely."
The MSCI index announced in October that it is seeking feedback from the investment community on whether to exclude Bitcoin and other digital asset treasury companies (DATs), specifically targeting companies with more than 50% of their balance sheet in crypto assets.
According to MSCI, some feedback suggests that DATs may "exhibit characteristics similar to investment funds, which currently do not qualify for inclusion in the index."
Charlie Sherry, CFO of Australian crypto exchange BTC Markets, told Cointelegraph in an interview that he believes the likelihood of MSCI excluding DATs is "quite high," as the index "only enters the consultation phase when it leans towards making such changes."
The consultation will last until December 31, with conclusions to be announced on January 15 next year, and any resulting adjustments will take effect in February.
The consultation is also seeking opinions on whether additional parameters should be considered, such as whether a company defines itself as a DAT or primarily raises funds for accumulating crypto.
If MSCI decides to exclude DATs, Sherry stated that index-tracking funds will need to sell, which would itself create substantial pressure on the affected entities.
A preliminary list shows that there are 38 crypto companies on MSCI's watchlist, including Michael Saylor's Strategy, Sharplink Gaming, and crypto mining companies Riot Platforms and Marathon Digital Holdings.
"When most of the value comes from balance sheet assets rather than core business, MSCI views it as outside the scope of traditional stock benchmarks," Sherry said. "This is a risk management decision aimed at aligning the index with predictable business fundamentals."
A report from JPMorgan analysts on Wednesday warned that if MSCI proceeds, Strategy could lose $2.8 billion, with about $9 billion of its estimated $56 billion market cap located in passive funds tracked by the index.
Sherry mentioned that at this stage, it is "difficult to assert" whether MSCI's decision will affect other index providers.
"Index providers often pay attention to each other's actions, but they do not always move in sync. S&P's treatment of MicroStrategy indicates that taking a stricter perspective has precedent, but each provider has its own methodology and client base to consider," he said.
Crypto market intelligence firm 10X Research indicated that Strategy still seems to be on track for potential inclusion in the S&P 500 index. The firm also predicted in October that there is a 70% chance it will be included in the index by the end of the year.
Meanwhile, Sherry also stated that clearer company classification rules will ultimately benefit the sector.
"When companies clearly understand how their financial decisions will be treated, it eliminates uncertainty for issuers and investors," he added.
Related: Cloudflare outage indicates the need for end-to-end decentralization in cryptocurrency
Original article: “Executives Warn: MSCI Index May Exclude Companies Holding Crypto Assets”
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