Analysis: MSCI sets 'hidden clause' that may cut off incremental capital inflow for Strategy According to CryptoSlate, MSCI, the global benchmark provider for stock and ETF markets, has announced that it will temporarily not remove Bitcoin treasury company Strategy. However, a hidden clause stating 'MSCI will not implement any increases to the Number of Shares (NOS)' has sparked community attention. This clause means that shares newly issued by Strategy through ATM (At-the-Market) offerings will not be included in MSCI index weightings, nor will it trigger passive fund purchases. Essentially, MSCI acknowledges the existence of crypto treasury stocks but refuses to provide passive capital for ATM issuances. Even if Strategy issues more shares, passive funds will not follow up with purchases, cutting off incremental capital inflow. This breaks Strategy's 'infinite funding loop' of financing Bitcoin purchases by issuing new shares, which are then supported by ETF-driven forced buying to sustain the stock price. Reportedly, besides Strategy, other potentially affected Bitcoin treasury companies include Metaplanet and Capital B.