Strategy Calls MSCI Plan Discriminatory for Bitcoin Treasuries
Strategy says MSCI’s new index rules mainly target bitcoin treasuries. The consultation could have consequences for companies like Metaplanet and SharpLink.
Key Takeaways
- Strategy calls the MSCI proposal to exclude companies with lots of non-operating assets discriminatory, arbitrary, and misleading.
- MSCI is reviewing whether digital asset treasury companies still belong in the Global Investable Market Indexes and is accepting feedback until September 30.
- Strategy bought 4,603 BTC last week, while MSTR shares rose 4.42% on Monday to $132.94.
Strategy has come out strongly against a new MSCI proposal that could keep companies with lots of non-operating assets out of the Global Investable Market Indexes. According to the company, the move is really aimed at digital asset treasury companies, and it calls the consultation discriminatory, arbitrary, and misleading.
Fight Over Index Rules
In a Monday letter signed by Executive Chairman Michael Saylor and CEO Phong Le, Strategy says MSCI would be better off withdrawing the proposal. The company says the move would have little to no effect on its own operations, but it could hurt MSCI’s reputation as a neutral index provider.
MSCI opened a consultation last month for companies whose operating assets make up less than 50% of total assets. Such companies are given five additional financial ratios to meet. If a company fails at least four of those five tests, it is no longer considered eligible for inclusion in the index.
Strategy sees that as a disguised attempt to target digital asset treasury companies, often shortened to DATs. According to the company, the terms “operating” and “non-operating” are not clearly defined in U.S. GAAP, IFRS, or existing securities law tests. Strategy also says MSCI treats bitcoin as a non-operating asset, while the company reports its bitcoin treasury as an operating segment.
What MSCI Is Looking At Now
The consultation follows the 2025 review, in which MSCI already looked at whether digital asset treasury companies still belong in the indexes. After criticism from the industry, MSCI decided in January not to exclude such companies at that time and to reassess the criteria. In a May 2026 simulation, Strategy, Metaplanet, and uranium company Yellow Cake were immediately flagged for removal, while SharpLink landed on the watchlist.
MSCI is accepting feedback on the proposal until September 30. The outcome is expected no later than October 16. If anything changes, the new rules are set to take effect in December. According to the additional explanation, MSCI also wants to apply buffers to limit index turnover, and existing names could only be removed after two consecutive measurement dates.
Why This Matters
For European crypto followers, this is mainly relevant because it shows how far the debate over bitcoin in traditional market indexes has moved. With its large bitcoin stash, Strategy is one of the best-known publicly traded companies using crypto as a core part of its balance sheet. The outcome of the MSCI consultation can therefore also be seen more broadly as a test of how index providers deal with companies like this.
Strategy itself was not sitting still either. MSTR shares rose 4.42% on Monday to $132.94 (€115). The company also said that same day that it bought 4,603 BTC last week at an average price of $80,318 (€69,300) per bitcoin.
