According to @VanessaGrellet_, MSCI is considering excluding companies with significant digital-asset treasuries, a move that could reshape how crypto-heavy firms are classified across global indices. Source: @VanessaGrellet_, X, Nov 24, 2025. She states this could influence valuations, market access, and the future of corporate crypto adoption, making index eligibility a key risk factor for equities with material digital-asset balances. Source: @VanessaGrellet_, X, Nov 24, 2025. A market consultation is open for input at x.com/GVAResearch/status/1991877326880358685, which traders can monitor for scope and timeline updates. Source: @VanessaGrellet_, X, Nov 24, 2025.

According to the source, SOL Strategies interim CEO Michael Hubbard says there is no sustainable market for pure crypto treasuries and that staking ETFs will outcompete those products (source: Michael Hubbard, SOL Strategies). For traders, this suggests monitoring flows and yield spreads between staking ETFs and on-chain treasury products for signs of capital rotation that could affect liquidity and pricing in yield-focused crypto instruments (source: independent analysis based on Hubbard’s remarks).

According to the source, SOL Strategies’ CEO said protocol crypto treasuries are fading as capital prefers regulated staking ETFs that package staking yield, warning they will eat their lunch (source: public remarks by SOL Strategies CEO on Nov 22, 2025). The CEO stated this rotation could divert inflows from on-chain treasury yield programs toward ETF wrappers, potentially impacting demand dynamics for ETH and SOL where staking yields matter for valuation and liquidity (source: public remarks by SOL Strategies CEO on Nov 22, 2025). The CEO added that convenience and liquidity advantages in ETF structures are the catalysts for the shift, making ETF AUM growth versus protocol treasury balances a key trading metric to watch (source: public remarks by SOL Strategies CEO on Nov 22, 2025).