MSCI has announced it will not remove Bitcoin treasury company Strategy from its index, but a clause preventing increases to the Number of Shares (NOS) has raised concerns. This clause means newly issued shares by Strategy through ATMs will not be included in MSCI's index weighting, thus not triggering passive fund purchases. This decision effectively cuts off incremental capital inflows, disrupting Strategy's model of issuing new shares to fund Bitcoin purchases. The clause impacts not only Strategy but also other Bitcoin treasury companies like Metaplanet and Capital B. By acknowledging cryptocurrency reserve stocks but refusing to support ATM issuances with passive funds, MSCI's stance could significantly affect these companies' funding strategies and market dynamics.