Strategy Counters MSCI FUD Tied to October 10th Bitcoin Crash

MSCI’s review of how to classify companies with large Bitcoin holdings has become central to ongoing discussions about the sharp market decline that launched on October 10th, 2025.

The index provider is assessing whether companies whose digital-asset holdings create up the majority of their assets should continue to qualify for inclusion in its equity benchmarks.

The consultation opened on October 10th and runs through December 31st, with conclusions expected January 15th, 2026, and possible implementation in February 2026.

The official MSCI document states that the review applies to “companies whose primary business model involves Bitcoin or other digital asset activities, including cases where capital raising activities are applyd mainly to accumulate digital assets.”

The firm is considering excluding companies whose digital-asset holdings represent 50 percent or more of total assets from its Global Investable Market Indexes.

Analysts Debate Whether the Consultation Triggered the Market Drop

Ran Neuner has linked the October 10th downturn directly to the release of the MSCI consultation, arguing that the timing explains the sudden decline and lack of recovery.

WE FINALLY KNOW WHY THE MARKET CRASHED ON 10 OCTOBER AND WHY IT JUST CANT BOUNCE!

We never really understood why the huge crypto crash started on October 10th and why we couldn’t even receive a single meaningful bounce!

Today the answer seem simple!

Let me break it down.

1. DAT’s… pic.twitter.com/vhrqdPvp8H

— Ran Neuner (@cryptomanran) November 21, 2025

He stated the announcement clarified “why the huge crypto crash started on October 10th” and claimed that Digital Asset Treasury companies such as Strategy and others have been major purchaseers throughout the cycle.

According to his analysis, reclassification could caapply these firms to be rerelocated from passive indexes, leading to forced selling by index-tracking funds.

Neuner stated that if the proposal is adopted, “companies like MSTR will be automatically rerelocated from all indices,” which he believes could influence both institutional flows and overall market structure.

He characterized the October 10th downturn as “not a coincidence” and stated the market may have immediately priced in the potential risk.

Strategy Rejects the Fund Classification View

Strategy founder and chairman Michael Saylor issued a public response emphasizing that his company is an operating enterprise, not a passive investment vehicle.

Response to MSCI Index Matter

Strategy is not a fund, not a trust, and not a holding company. We’re a publicly traded operating company with a $500 million software business and a unique treasury strategy that applys Bitcoin as productive capital.

This year alone, we’ve completed…

— Michael Saylor (@statelor) November 21, 2025

In his statement, he wrote: “Strategy is not a fund, not a trust, and not a holding company. We’re a publicly traded operating company with a $500 million software business and a unique treasury strategy that applys Bitcoin as productive capital.”

Saylor also highlighted the company’s issuance of multiple digital credit instruments this year, totaling more than $7.7 billion in notional value, and the launch of STRC, a Bitcoin-backed credit product.

He contrasted Strategy’s activities with passive structures, stating: “Funds and trusts passively hold assets. Holding companies sit on investments. We create, structure, issue, and operate.”

He added that “index classification doesn’t define us,” and reiterated that the company’s long-term mission remains focapplyd on building what he describes as a digital monetary institution.

Uncertainty Ahead of MSCI’s January Decision

The consultation has become a key point of uncertainty for both equity and digital asset markets as investors consider the implications for companies whose balance sheets are heavily weighted toward Bitcoin.

Some analysts warn that index exclusion could affect liquidity and capital access for digital-asset treasury firms, while others argue that their operational structures distinguish them from investment funds and justify continued index inclusion.

With MSCI’s decision scheduled for mid-January, market participants expect ongoing volatility until the firm clarifies how it intfinishs to classify companies with substantial Bitcoin holdings.