Crypto ETF issuer Bitwise has publicly voiced its support for digital asset treasuries (DATs), including Michael Saylor’s Strategy, warning that MSCI’s proposed exclusion could undermine the neutrality of its index methodology. According to Bitwise, the move risks transforming what should be a rules-based system into a subjective decision-making process that ultimately disadvantages investors.
Bitwise emphasized that excluding DATs from major indexes would remove valuable crypto exposure for investors, particularly exposure to Bitcoin, at reveals a growing bias against digital assets within traditional financial benchmarks.
Bitwise Pushes Back Against MSCI’s DAT Exclusion Plan
In a post shared on X, Bitwise expressed disappointment over MSCI’s proposal to exclude Strategy and other companies holding more than 50% of their reserves in crypto from its global indexes. The firm stressed that the strength of a global index lies in its neutrality, arguing that indexes should mirror market realities rather than judge or penalize specific business models.
The crypto ETF issuer pointed out that, historically, index providers have included companies with heavy exposure to a single asset class. As a result, Bitwise warned that singling out DATs introduces subjective eligibility standards into what has traditionally been an objective, rule-driven framework. The firm also raised concerns that the proposed rule applies exclusively to digital asset treasuries, suggesting unfair targeting of the crypto sector.
Strategy CEO Phong Le recently echoed these concerns, questioning MSCI’s impartiality. He noted that companies such as Chevron and Newmont, which maintain significant exposure to oil and gold respectively, are not facing similar exclusion risks despite their concentrated asset holdings.
Strategy Seen as More Than a Passive Investment Vehicle
Bitwise further argued that Strategy should not be viewed as a passive fund, highlighting the unique value it delivers to shareholders. According to the firm, Strategy operates in ways that Bitcoin ETFs cannot, playing an active role in the evolving digital asset economy.
The crypto ETF issuer stated that it has observed firsthand how Strategy creates shareholder value and expressed confidence in the company’s long-term Bitcoin-focused strategy. Bitwise also described MSCI’s heightened scrutiny of digital asset treasuries as arbitrary, noting that similar standards are not applied to companies concentrated in other global assets.
Bitwise concluded that excluding DATs would put investors at a disadvantage by limiting access to crypto exposure through traditional investment products. The firm urged MSCI to uphold the principles that have made its indexes global benchmarks and to ensure they continue to reflect financial markets neutrally as digital assets gain prominence.
A petition calling on MSCI to withdraw its proposal to exclude DATs has already gained traction, collecting 629 signatures within just over 24 hours.
