Naughty or Nice? 🎧 #578 (Dec 19)

Not Your Advisor

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Naughty or Nice? 🎧 #578 (Dec 19)

Recorded Sat Dec 20

Dec 20, 2025

∙ Paid

(Image Credit: Everette Collection The Grinch 1966)

Winter break reading

I have been musing this very thing…

Reuters reported that MSCI is considering excluding publicly traded companies whose digital asset holdings are 50% or more of total assets from its global equity indexes, arguing these firms resemble investment funds (which MSCI does not include in its benchmarks). MSCI’s review is under public consultation, with a decision expected by Jan. 15, 2026.

JPMorgan estimated about $2.8 billion of outflows if MSCI excludes Strategy, potentially rising to $8.8 billion if other index providers follow with similar exclusions. ^[10]
Reuters also described broader estimates suggesting Strategy could face up to $9 billion in reduced demand if exclusions spread across major index ecosystems. ^[11]

The impact would be centered squarely on Michael Saylor’s Strategy MSTR + , which accounts for a staggering 74.5% of the total market cap at risk. Analysts at JPMorgan estimate that Strategy alone could face $2.8 billion in outflows if it is stripped of its MSCI status, a move that would force massive institutional funds to dump shares regardless of the company’s actual financial performance.

https://www.reuters.com/business/strategy-bitcoin-buying-firms-face-wider-exclusion-stock-indexes-2025-12-19/?utm_source=ts2.tech

P.S. The above is simply MSCI. Then think about Nasdaq 100, which MicroStrategy (MSTR) was added to the Nasdaq-100 Index December 2024

Then there is BTC