Saylor has written to MSCI, asking it to drop a proposal that would bar companies whose crypto holdings exceed 50% of their total assets from its global equity benchmarks.

In the 12-page letter, Saylor and Strategy’s chief executive Phong Le warned of “profoundly harmful consequences” if MSCI adopts the proposal, with a decision expected by January 15.

“MSCI can either succumb to the reactive short-sightedness that established institutions sometimes display toward innovation, or it can allow its indices to reflect, neutrally and faithfully, the next era of financial technology,” the pair wrote. “The wiser course—for MSCI, for investors, and for the broader economy—is for MSCI to remain neutral and let the markets decide the course of [digital asset treasury companies].”

If MSCI does adopt the proposal, it could lead to outflows of as much as $8.8 billion from Strategy’s stock if other index providers follow suit, according to a JPMorgan estimate.

Saylor’s remarks were echoed by Adam Back, the chief executive of bitcoin development company Blockstream who was cited in the mysterious Satoshi Nakamoto’s bitcoin white paper, telling Yahoo Finance that we are still in the “very early stages” of bitcoin adoption and that all companies will eventually become bitcoin treasury companies.

Meanwhile, Standard Chartered has slashed its end of 2025 bitcoin price prediction, halving it from $200,000 to $100,000.

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“We think buying by bitcoin digital asset treasury companies is likely over,” Geoff Kendrick, global head of digital assets research at Standard Chartered, wrote in an emailed note, adding bitcoin treasury company “buying is unlikely to provide further support.”

Bitcoin and crypto treasury companies have hoovered up around 1 million bitcoin worth almost $100 billion this year, rivaling the bitcoin exchange-traded funds (ETFs) that now hold 1.5 million bitcoin worth $1.4 billion.

While bitcoin treasury companies have slowed their buying, analysts expect ETF purchases to continue buying bitcoin into 2026.

“We now think future bitcoin price increases will effectively be driven by one leg only–ETF buying,” Kendrick said.

Others have also pointed to improving bitcoin ETF inflows as a potential catalyst for a coming bitcoin price surge.

“For prices to break higher, the bullish momentum from the rate cut needs to overpower the concentrated short pressure sitting near the $94,500 resistance level,” David Hernandez, crypto investment specialist at 21shares, said in emailed comments.

“If spot ETF inflows strengthen as expected now that the cost of capital is falling, that could become the spark that transforms caution into momentum and drives bitcoin back above the $100,000 psychological barrier.”