Michael Saylor’s company, Strategy, is pushing back strongly against MSCI’s proposal to exclude digital asset treasury firms from its Global Investable Market Indexes. The firm argues that this policy change would harm investors, create unnecessary market instability, and conflict with broader U.S. digital asset initiatives.
At 03:00 ET, Strategy warned that MSCI’s rule could trigger sudden index volatility, especially because Bitcoin prices move quickly. The company said that MSCI’s approach is based on a misunderstanding of how Bitcoin treasury operations work.
Strategy emphasized that the suggested 50% digital asset threshold is arbitrary and provides no real benefit to market transparency. According to the firm, MSCI incorrectly treats digital asset treasury companies as investment funds instead of operating companies with long-term strategic commitments. This aligns with recent comments from Michael Saylor, who reiterated Strategy’s mission to continue integrating Bitcoin into its business model.
The company further clarified that its Bitcoin holdings support product development, operational expansion, and long-term strategy—not passive accumulation. Strategy compared its treasury structure to traditional models used by banks and insurance companies. It also stressed that it remains active in software, analytics, and enterprise management.
Strategy also raised concerns that the proposal could lead to inconsistent index classifications. Because accounting rules for digital assets differ across regions, the firm said MSCI’s rule would create unfair results for companies operating internationally. It added that such exclusions would undermine MSCI’s commitment to neutral and stable index construction.
Negotiations between MSCI and MicroStrategy are still underway ahead of the January 15 review deadline. Strategy maintains that the proposed rule contradicts ongoing federal efforts to support digital asset innovation and expand Bitcoin’s role in the U.S. economy.
Looking ahead, Strategy urged MSCI to let the market naturally determine the value of digital asset treasury companies. It noted that new technologies often face skepticism before becoming widely adopted. The company requested that MSCI extend the consultation period if necessary and perform a deeper evaluation that reflects the rapid evolution of blockchain and digital asset sectors.
