Recently, there was an interesting development. The world's largest index provider changed a rule—it decided not to kick out a major Bitcoin treasury company for now, but it added an invisible clause.

Here's the key point: from now on, any newly issued shares by this company will not be included in the index weightings. What does that mean? It means that passive index-tracking funds won't automatically buy these new shares.

What does this disrupt? The original logic was: company issues new shares → raises funds → buys Bitcoin → stock price rises → funds follow to buy → continuous inflow of capital. Now, this cycle is broken. Passive funds won't follow, and the efficiency of financing naturally takes a hit.

Similar situations could also affect other Bitcoin-related fund companies. This will pose a significant constraint on their future issuance plans.