Strategy has challenged an MSCI consultation that could exclude some digital-asset treasury companies from major equity indexes.
Strategy opposed an MSCI proposal that could classify certain digital-asset treasury businesses as non-operating companies and remove them from the index provider’s Global Investable Market Indexes. In a letter, founder Michael Saylor and chief executive Phong Le called the proposal flawed and discriminatory, arguing that Bitcoin activity is part of Strategy’s operating business and is reported as an operating segment. The consultation follows a separate 2025 proposal concerning companies whose digital assets represented at least half of total assets, which MSCI later withdrew.
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Index eligibility can influence access to passive and institutional capital even when it does not change a company’s underlying operations. A rule focused on digital-asset-heavy balance sheets could affect how treasury companies are valued and which investors can hold them through benchmark-linked products. Strategy says the current proposal would not materially affect its business, but the wider classification question may matter across the sector. Investors should watch MSCI’s final definitions and whether other index providers adopt similar treatment.
