an analyst stated the stock market index MSCI is very likely to decide to exclude "Digital Asset Trusts" (DATs) in January next year, which could bring "significant pressure" to the related companies.

Charlie Sherry, the CFO of Australian cryptocurrency exchange BTC Markets, said he believes the possibility of MSCI excluding digital asset trusts is "very high" because the index "only puts such changes to consultation when it is inclined to make them."

In October, MSCI announced that it was seeking feedback from the investment community to discuss whether digital asset trusts with more than 50% of their balance sheet in crypto assets should be excluded from the index. MSCI pointed out that some feedback considered such companies to "exhibit characteristics similar to investment funds, which currently do not qualify for index inclusion."

The consultation period will last until December 31, with the final decision to be announced on January 15 next year, and any resulting changes will take effect in February. The preliminary list of affected companies MSCI is considering includes Michael Saylor's Strategy Inc., Sharplink Gaming, as well as crypto mining companies Riot Platforms and Marathon Digital Holdings, among 38 companies.

Sherry noted that if MSCI decides to exclude these companies, funds tracking the index will be required to sell off, which in itself will place significant pressure on the affected companies.

JPMorgan analysts previously warned that if MSCI proceeds with the exclusion, Strategy Inc. could face $2.8 billion in outflows. Of Strategy Inc.'s estimated $56 billion market value, about $9 billion is linked to its passive funds tracking the index.

Sherry believes MSCI's move marks a shift in tone. Over the past year, enterprises heavily involved in crypto assets were seen as capital market innovations, but now major index providers are tightening definitions, indicating the market is moving from a "everything is adoption" phase back to a more conservative filtering mechanism.