#MSCI未排除数字资产财库企业纳入范围 The Battle Between Treasury Concept Stocks and Traditional Indices Escalates

Recently, a fascinating phenomenon has emerged in the financial markets: treasury companies represented by MicroStrategy are engaging in a cold war with traditional index systems. The core trigger was a resolution in January 2026, which has sparked a covert battle over passive investment flows.

Why are major index providers hesitant to adjust weights easily? The issue is more complex than it appears. Once a treasury company is removed from an index, trillions of dollars in assets tracking that index must rebalance. But the considerations go far beyond technical aspects—these companies have become the main window through which traditional asset management firms indirectly hold Bitcoin. Reckless adjustments could trigger stock market volatility, and Bitcoin’s high volatility would amplify this risk further.

Even more noteworthy is the change in the financing chain. In the past, these companies raised funds by issuing new shares at a premium to buy Bitcoin, and passive funds were forced to follow suit; now, with index weights frozen, this route is blocked. In the future, they may turn to convertible bonds or on-chain lending, which means increased corporate financial risks, but also strengthens the market position of crypto-native finance.

What is the takeaway for ordinary investors? Don’t blindly believe in the premium halo of "Bitcoin’s top holding." As Bitcoin spot ETFs become more popular, funds will gradually flow into more transparent and lower-cost ETF products. This is an inevitable trend shift in 2026.