Bitcoin-focused investment vehicles are trading at significant premiums to their underlying asset values. One such fund trades at 2.5x net asset value, holding 43,514 BTC following its December 9th market debut and subsequent correction. A critical catalyst looms: MSCI will decide tomorrow whether to exclude bitcoin treasury companies from its indices. This policy shift carries asymmetric consequences across market participants. Institutions with substantial bitcoin holdings through publicly listed treasury companies face potential forced liquidation pressure estimated between $2.8 billion and $8.8 billion if delisted from major indices. However, newer entrants not yet included in index composition would face no such outflows. Meanwhile, stablecoin platforms like Tether continue strategic deployments. The market is pricing in heightened volatility as index constituents await MSCI's determination—an event that could reshape custody and allocation strategies for bitcoin-related assets.