Business intelligence and digital asset treasury firm Strategy has formally opposed an MSCI proposal that could remove cryptocurrency-focused companies from the widely tracked Global Investable Market Indexes, calling the consultation 'discriminatory, arbitrary, and misguided.'
The dispute stems from an MSCI consultation opened last month, under which companies with operating assets below 50% of total assets would face five additional financial-ratio examinations. Triggering at least four flags would make a firm ineligible for index listing. A simulation in May 2026 identified Strategy, Japan’s Metaplanet and uranium holder Yellow Cake for immediate deletion, while placing SharpLink on a watchlist.
In a Monday letter signed by Executive Chairman Michael Saylor and CEO Phong Le, Strategy argued the proposal is a 'pretext' for targeting digital asset treasury companies. The company said terms such as 'operating' and 'non-operating' are not defined under U.S. GAAP, IFRS or existing securities-law tests. It also said MSCI treats bitcoin as a non-operating asset even though Strategy reports its bitcoin treasury as an operating segment and records related gains and losses as operating expenses after discussions with the Securities and Exchange Commission.
Strategy warned that the screening would spare asset-heavy businesses such as REITs, timber firms and energy infrastructure companies while concentrating its impact on digital asset treasury firms. The company said: 'If adopted, the proposal would have no meaningful impact on Strategy's business, but it would profoundly harm MSCI's reputation as a reliable and neutral index provider.'
MSCI has set a feedback deadline of September 30 and plans to announce a result by October 16. Any changes would take effect in December. If adopted, the rule change could force index funds tracking MSCI benchmarks to sell holdings in affected companies, potentially triggering price volatility and reducing investor exposure to the crypto economy.
Strategy also asked that any new rule apply only to future filings, be based on recognized accounting or legal standards, and be accompanied by a published consultation record. It requested a clearer explanation of the screening method and the distinction between operating and non-operating assets.
On Monday, Strategy shares rose 4.42% to close at $132.94. The company also announced it had purchased 4,603 BTC last week at an average price of $80,318 per bitcoin.
