Hey, it’s Marc.

Everyone is watching Bitcoin’s chart, but JPMorgan is watching the index committees. The bank warns MicroStrategy faces a silent, structural threat: expulsion from global equity benchmarks. [NEWS]

This would trigger billions in forced selling, crush the Net Asset Value (NAV) premium, and effectively end the Digital Asset Treasury model. The infinite money glitch might be over.

👉PRO readers: Download the PDF

Subscribe now

What happened

On October 10, 2025, MSCI released a consultation paper proposing a new rule: exclude “Digital Asset Treasury” (DAT) firms from its MSCI Global Investable Market Indexes (GIMI), the benchmark against which trillions of dollars in institutional capital are measured. A DAT is defined as any entity where digital assets make up 50% or more of total assets.

The final decision drops January 15, 2026.

  • The Impact: JPMorgan analyst Nikolaos Panigirtzoglou estimates exclusion would trigger $2.8B in automatic selling from MSCI-tracking funds. If S&P and FTSE follow, the forced outflow hits $8.8B.