MSCI's move on digital asset treasury firms just sent mixed signals. On the surface, keeping these companies in the index looks like a win. But here's the catch—the index provider froze share counts while ETFs finally got regulatory approval. That's the critical detail.

Why does this matter? Frozen share counts mean no new passive capital flowing in through index-tracking funds. Even as spot crypto ETFs get greenlit and attract inflows, institutional money through passive channels gets bottlenecked at the treasury company level.

It's like opening a door while blocking the hallway. The policy sounds accommodating but structurally limits the passive flows these firms would've captured. ETFs can now operate more freely, but the index mechanics work against direct capital allocation to digital asset treasury players.

The real story isn't about inclusion or exclusion—it's about whose money gets through.