With Bitcoin trading near $92,000, a potential policy shift from a major corporate holder and a review by index provider MSCI are creating a new dynamic for the market. While Strategy’s leadership has long championed a strategy of continuous Bitcoin accumulation, the company now acknowledges that it could sell its holdings under certain conditions.

This change in tone comes as MSCI conducts a consultation on how to treat companies with significant digital asset holdings. The review, which is accepting feedback into January 2026, could have major implications for how crypto-heavy firms are included in mainstream financial benchmarks.

MSCI Review Puts Crypto-Heavy Companies on Notice

The core of MSCI’s review is to determine if a company’s risk profile is driven more by its digital asset treasury than its primary operating business. The potential outcomes range from no change to reclassification or complete removal from its indices. Any exclusion would compel benchmark-tracking funds to sell their shares to rebalance their portfolios.

Such a move could trigger significant trading volume, especially if it coincides with periods of thin liquidity in both the crypto and equity markets. Given that Strategy’s stock price has shown a strong correlation to Bitcoin, any forced selling could amplify price swings for both the company’s shares and the underlying digital asset.

A Shift in Strategy: Bitcoin Sales Now on the Table

Strategy built its massive Bitcoin position using a mix of cash, convertible debt, and equity programs. For years, its policy was strictly to buy and hold. However, in a recent update, company CEO Phong Le stated that selling Bitcoin is now considered a last-resort option to protect the balance sheet if financial metrics weaken.

This contingency plan suggests that the company is prioritizing financial stability over its rigid buy-only stance. If a sustained market downturn were to increase the cost of its debt or capital, Strategy could choose to sell Bitcoin to de-risk its balance sheet and stabilize its leverage.

What Markets Are Watching Next

Investors are now closely monitoring two parallel developments. On the index front, the market awaits the conclusion of MSCI’s consultation and the details of any potential grace periods or phased-in changes. On the corporate side, all eyes are on Strategy’s filings for any updates to its treasury policy, leverage targets, or the pace of its Bitcoin purchases.

The broader crypto market backdrop remains crucial. The flow of funds into spot Bitcoin products and overall market depth will determine if these policy-driven events are absorbed smoothly or lead to increased volatility. As MSCI’s review and Strategy’s contingency planning unfold on the same timeline, they will together shape the future of crypto-exposed companies within traditional equity markets.