company-logoresearch-logo
This Week In Crypto
20 Nov 2025

Long BTC, short DAT strategies unwinding?

DATs risk benchmark exclusion. Clarity Act vote expected in early 2026. OCC allows banks to hold crypto for gas fees. Kraken formally enters the IPO pipeline. In trending topics, we dive into recent institutional ETF ownership data.
TWIC@2x
Preview
DATs to be excluded by benchmarks?
Michael Saylor’s Strategy Inc. is facing mounting pressure as major benchmark providers, including MSCI and the Nasdaq, consider excluding the company from their indices due to its heavy Bitcoin exposure. Analysts at JPMorgan warn that such a move could trigger up to $2.8bn in outflows from MSCI-linked products alone and further jeopardize liquidity, funding costs, and investor confidence. The company’s once-powerful flywheel, issuing stock, buying bitcoin, and benefiting from rising crypto prices, has stalled, with its valuation now only slightly above the value of its Bitcoin holdings.The downturn in crypto markets has further intensified these risks. Strategy’s share price has fallen more than 60% since last year, collapsing the premium that once attracted momentum-driven investors. Its newer financing tools, including perpetual preferred shares, are also under stress, with yields rising and recent offerings trading below issuance levels. As index inclusion becomes uncertain and confidence-driven funding deepen, the model that propelled Strategy’s meteoric rise now faces its most significant test yet.
Senate Banking Chair eyes Clarity vote early 26
Share this article