[Analysis: MSCI Sets 'Hidden Clause' That May Cut Off Strategy's Incremental Capital Inflows] According to CryptoSlate, MSCI, the global benchmark provider for stock and ETF markets, has announced that it will temporarily not remove Bitcoin treasury company Strategy. However, one hidden clause, 'MSCI will not implement any increases to the Number of Shares (NOS)'—MSCI will not execute any increase in the number of shares (NOS) included for this target—has drawn attention from the community. This clause implies that shares newly issued by Strategy through ATM (At-The-Market offerings) will not be included in MSCI index weightings, nor will it trigger passive fund purchases. In other words, MSCI acknowledges the existence of cryptocurrency reserve stocks but refuses to continue facilitating passive capital inflows for ATM issuances. Even if Strategy issues more shares, passive funds will not follow up with purchases, cutting off incremental capital inflows. This breaks Strategy's 'infinite funding loop,' where it relies on issuing new shares to finance Bitcoin purchases, which are then supported by ETF-driven mandatory buying to sustain the stock price. It is reported that, in addition to Strategy, other potentially affected Bitcoin treasury companies include Metaplanet and Capital B.