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Same Catalyst That Hit Bitcoin on October 10 Is Back

Largest corporate Bitcoin treasury Strategy is facing a new threat from MSCI that came at the time of Bitcoin’s October 10 crash. MSCI has proposed a new rule that could push Michael Saylor’s Strategy out of major global indexes,…

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Market Context

Bitcoin

BTC

$63,019

-0.64% 24h

Layer Index

Fear

Layer Index

↓ 6 pts in 24h

What Happened on October 10?

The October 10, 2025, crash remains one of the worst days for the crypto market. More than $19 billion in leveraged positions were liquidated within 24 to 48 hours, while Bitcoin dropped from around $122,000 to $105,000.

On the same day, MSCI released its first consultation on companies holding large amounts of digital assets. The plan could have removed companies holding 50% or more of their assets in crypto from its major indexes.

That put Strategy directly in the spotlight because Michael Saylor’s company had built its business around holding Bitcoin. If Strategy was removed, funds tracking those indexes could be forced to sell its shares.

MSCI’s New Rule Could Hit Strategy Again

MSCI dropped the crypto specific proposal in January after Strategy argued that the rule unfairly targeted companies holding digital assets. That seemed to remove the immediate risk.

Now MSCI has returned with a different approach.

Instead of targeting crypto, MSCI has created a category called “Non-Operating Companies.” The new rule looks at companies that mainly hold assets instead of running a normal business.

The first test checks whether more than half of a company’s assets are used to run its business. If it fails, MSCI applies five more tests covering operating spending, cash use, changes in asset prices and dependence on outside funding.

A company could be removed if it fails four of those five tests.

Strategy Has Already Failed MSCI’s Test

This is where the new proposal becomes important for Strategy. MSCI has already tested the rule using May 2026 data, and Strategy failed the test.

Strategy is not alone. Metaplanet and Yellow Cake, a company that holds physical uranium, also failed the test. SharpLink is on a watchlist after failing the test once.

That makes the new rule harder to call a direct attack on Bitcoin. The same test can also apply to companies holding other assets.

Could This Trigger Another Bitcoin Selling Wave?

Meanwhile, strategy’s removal could create selling pressure on Bitcoin. JPMorgan previously estimated that the earlier MSCI plan could have created around $8.8 billion in forced selling of Strategy shares.

That figure does not mean $8.8 billion will be sold under the new proposal. However, heavy selling in Strategy could make it harder for the company to raise money and continue buying Bitcoin.

AS of now, Bitcoin has fallen almost 50% from its peak near $126,000, with the asset now trading around $63,000.

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