The bitcoin treasury firm argues that index providers should focus on market measurement instead of controlling which assets companies can own.
By James Van Straten|Edited by Stephen AlpherUpdated 19 min agoPublished 49 min ago1 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShow- Strategy criticized MSCI’s proposed “non-operating company” rules, which could exclude it from the index provider’s global equity indexes.
- The firm claimed the new proposal echoes the issues of MSCI’s earlier plan focused on digital assets and unfairly penalizes companies for holding bitcoin.
Strategy MSTR$92.57 has voiced its opposition to MSCI’s proposed criteria for identifying “non-operating companies,” which could lead to the bitcoin treasury firm being removed from MSCI’s global equity indexes.
Strategy stated on X, "Digital assets are assets. Index providers should measure markets, not decide which assets companies are allowed to own," adding, "MSCI’s proposal puts it out of step with regulators, markets, and its own customers. Bitcoin doesn’t need MSCI. Neither does Strategy.”
The latest consultation replaces a previous proposal that specifically targeted companies with substantial digital asset holdings. Implementing the new financial ratio criteria using May 2026 data would have led to the exclusion of Strategy, Metaplanet, and uranium holder Yellow Cake from the MSCI ACWI IMI.
This response follows Strategy’s formal complaint in December 2025 against MSCI’s earlier proposal, which would have excluded firms whose digital assets made up at least 50% of their total assets.
At that time, Strategy asserted that it operates as a company, not merely as an investment fund or passive bitcoin holder, highlighting its software business, active treasury management, and bitcoin-backed credit offerings. It criticized the 50% threshold as arbitrary and called for MSCI to uphold impartial index standards.
MSTR shares fell 4.3% on Friday as bitcoin retreated to $62,600.
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