Strategy Challenges MSCI Proposal, Alleging Repeated Targeting of Bitcoin Treasury Firms

Strategy, the Bitcoin-focused corporate treasury firm, has condemned Morgan Stanley Capital International’s proposal to exclude it from the Global Investable Market Indexes, labeling the move as “misguided” and “flawed.”

In a letter submitted to MSCI on Monday, Strategy’s founder Michael Saylor and CEO Phong Le asserted that the index provider is discriminating against digital asset businesses.

MSCI announced earlier this month that it is exploring a framework to define “non-operating companies,” which would render them ineligible for the Global Investable Market Indexes. Such a move would effectively exclude firms like Strategy from indexes accessible to a broad institutional investor base.

This latest proposal follows MSCI’s 2025 initiative to exclude companies whose digital-asset holdings constitute 50% or more of total assets.

Strategy’s letter states that MSCI’s continued effort to discriminate against digital assets is misguided and raises doubts about the firm’s neutrality and reliability.

The proposal mirrors the 2025 initiative that MSCI ultimately withdrew, and is discriminatory, arbitrary, and misguided. While adoption would have no material impact on Strategy’s business, it would significantly damage MSCI’s reputation as a reliable and neutral index provider. Accordingly, the current proposal should be withdrawn, just as its predecessor was.

Strategy contends that MSCI is relying on unprecedented classifications to categorize Bitcoin as a “non-operating” asset. The firm maintains that it reports its Bitcoin operations as a distinct segment and treats Bitcoin-related gains and losses as operating expenses.

Strategy further argues that MSCI’s methodology for targeting “non-operating companies” is arbitrary and lacks adequate explanation, serving as a vehicle to unfairly target digital asset treasuries.

Strategy emphasizes that it operates as a functioning enterprise, employing approximately 1,500 personnel globally and actively deploying its Bitcoin holdings to create shareholder value.

Formerly MicroStrategy, Strategy is an enterprise software company that shifted to acquiring and holding Bitcoin in 2020. Initially acquired to safeguard shareholders, the firm has since aggressively accumulated the asset, now holding 845,050 Bitcoins valued at approximately $65.8 billion at current market prices.

Investors seeking amplified exposure to Bitcoin’s performance can acquire Strategy’s Nasdaq-listed shares (MSTR).

MSTR closed Monday’s session up 4%. Year-to-date, the stock remains down 15%.

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