Strategy Slams MSCI's Revised Crypto Exclusion Test

Strategy Inc., the parent company of MicroStrategy (MSTR), has pushed back against MSCI's proposal to remove it from its Global Investable Market Indexes. In a formal response signed by Executive Chairman Michael Saylor and CEO Phong Le, Strategy called the methodology 'discriminatory, arbitrary, and misguided.'

The company pointed out that funds tracking MSCI GIMI indexes hold approximately 13 million MSTR shares, equal to 3.1% of its basic shares outstanding and 60% of its 30-day average daily trading volume. Saylor stated on X, 'MSCI should be a mirror of the market, not an arbiter of it.'

Strategy argues that MSCI's proposed two-stage screening methodology repackages its earlier withdrawn proposal targeting companies whose digital asset holdings represented at least 50% of total assets.

The company also defended its classification of Bitcoin as a non-operating asset, stating that neither U.S. generally accepted accounting principles nor International Financial Reporting Standards classify assets in the manner MSCI proposes.