Strategy Challenges MSCI's Role in Asset Determination

Strategy argues MSCI should focus on market measurement rather than asset control.

Strategy, a bitcoin treasury firm, has expressed strong opposition to MSCI's proposed guidelines for identifying "non-operating companies." These new rules could potentially exclude companies like Strategy from MSCI's global equity indexes.

In a statement on X, Strategy criticized MSCI’s approach, asserting, "Digital assets are assets. Index providers should measure markets, not decide which assets companies are allowed to own." They further argued that the proposal misaligns with the interests of regulators, markets, and clients, claiming, "Bitcoin doesn’t need MSCI. Neither does Strategy."

This proposal replaces a prior plan that targeted companies with significant digital asset holdings, which had previously faced backlash from Strategy. Under the new criteria, which would take effect using data from May 2026, firms with substantial digital asset investments, including Strategy, Metaplanet, and Yellow Cake, could be excluded from the MSCI ACWI IMI index.

Previously, in December 2025, Strategy had formally complained about an earlier MSCI proposal that aimed to exclude firms where digital assets comprised over 50% of total assets. Strategy argued that it is not merely an investment fund but operates a software business and engages in active treasury management and bitcoin-backed credit offerings. They deemed the 50% threshold arbitrary and called for fair index standards from MSCI.

Following these developments, Strategy's shares fell by 4.3% on Friday as bitcoin prices dipped to $62,600.