MicroStrategy-style treasury concentration draws regulatory index risk

Forbes highlights Michael Saylor’s warning that proposed MSCI rules could exclude companies with more than 50% of assets in crypto from major indices, potentially forcing up to $8.8B of outflows from his firm and similar ‘Bitcoin treasury’ plays. While Bitcoin itself is only modestly lower today, this additional overhang on crypto-equity proxies adds to the cautious tone around leverage and concentrated holdings.