Saylor and Strategy Urge MSCI to Withdraw Digital Asset Exclusion Criterion

Michael Saylor and Strategy CEO Phong Le have asked MSCI to withdraw a proposed criterion that could remove companies with digital asset treasuries from its global benchmark indices. The measure, part of an ongoing consultation opened in August, targets 'non-operating companies' by evaluating five financial ratios. Companies exceeding four of these indicators would be disqualified.

The proposed criterion recycles a previous proposal rejected by MSCI in January, which would have excluded companies with more than 50% of their assets in cryptocurrencies. Saylor and Le argue that the measure is 'discriminatory, arbitrary, and misguided', serving as a pretext to exclude such companies. They claim that Strategy reports its Bitcoin treasury operations as a separate operating segment in its 10-Q filing.

According to MSCI's own consultation using May 2026 data, three companies would face removal: Strategy, with an adjusted market capitalization of $23.93 billion; Yellow Cake, with $1.81 billion; and Metaplanet, with $654 million. Strategy represents approximately 87% of the market capitalization at stake among the six affected companies.