MSCI Blocks Share Count Increases in Index Constituents, Affecting Bitcoin-Linked ETFs

On January 8, MSCI confirmed it will keep existing index constituents, including Bitcoin treasury firm Strategy, but imposed a technical freeze on share count adjustments and delayed any inclusion or size changes. This severs the link between new share issuance and passive index fund purchases, affecting companies relying on at-the-market issuance to acquire Bitcoin. The change could impact Strategy’s Bitcoin accumulation model and similar approaches by other firms.

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