MSCI Faces Backlash Over Proposed Bitcoin Exclusion from Indexes

Strive CEO Matt Cole fired a pointed letter at MSCI on September 25, criticizing its proposal to exclude companies holding large amounts of Bitcoin from its Global Investable Market Indexes.

The dispute centers around MSCI's definition of 'operating assets,' which Strive argues is too vague and could be applied inconsistently across different business models.

Strive holds over 7,500 BTC and ranks as the 14th-largest public corporate Bitcoin holder, making this a crucial issue for the company.

MSCI previously floated a rule to exclude firms whose digital asset holdings exceeded 50% of total assets in December 2025, but scrapped it after industry backlash.