Strategy Challenges MSCI Proposal to Remove Digital Asset Treasury Firms

Strategy, a digital asset treasury firm, has formally opposed MSCI's proposal to remove companies like itself from global indexes. In a letter signed by Executive Chairman Michael Saylor and CEO Phong Le, Strategy argued that the plan unfairly targets firms with large holdings of bitcoin and other assets.

The company claims that MSCI's proposed rules use unclear standards to separate operating assets from non-operating assets, making it difficult to apply consistently. Strategy also warned that the screening process could treat digital asset treasury firms differently from other asset-heavy businesses.

Strategy noted that it treats its bitcoin treasury as an operating segment and records Bitcoin-related gains and losses as operating expenses after discussions with the U.S. Securities and Exchange Commission. The company asked MSCI to withdraw the proposal, suggesting that any new rule should be based on recognized accounting or legal standards and applied only after the final policy takes effect.

MSCI will accept feedback until September 30, and its decision is expected by October 16, with changes taking effect in December. A May 2026 simulation identified Strategy, Metaplanet, and Yellow Cake for removal, while SharpLink appeared on the watchlist.