Bitcoin holders have recently noticed an important signal—MSCI's decision in January this year will directly change the game for the entire treasury concept stock sector.

**The Power Play of Passive Funds**

It's a bit ironic. Global passive funds tracking the MSCI index worth trillions of dollars, once MSCI adjusts its index, must collectively rebalance their holdings. Listed companies like MicroStrategy, which hold Bitcoin, have long become an "underground" channel for traditional funds to indirectly allocate crypto assets—if they want to buy Bitcoin but avoid direct exposure, they buy these companies' stocks. But MSCI's decision to "not increase weight" effectively breaks this cycle.

Why is MSCI so cautious? Simply put, they are afraid: if these companies experience a crash due to Bitcoin volatility, it could trigger systemic risks in the stock market. It's safer to play it conservatively.

**Financing Dilemma Arrives**

The old approach was simple—companies issued shares at a premium to buy Bitcoin, forcing passive funds to buy in. Now, that route is blocked. Without new capital inflows, these companies need new methods to expand their Bitcoin holdings: convertible bonds, on-chain lending... but these methods are more costly and riskier. Ultimately, this elevates the status of crypto-native finance but undermines the traditional financial model.

**The Truth in 2026**

Bitcoin spot ETFs are now widespread, offering greater transparency and lower premiums. Savvy investors have already quietly shifted their focus. The halo of the "first Bitcoin stock" in the treasury concept sector may truly fade away. For investors, it's time to stop blindly chasing these stocks—buying ETFs directly might be a smarter choice.