Strive Challenges MSCI Proposal to Exclude Bitcoin Treasuries from Index

Strive, one of the largest Bitcoin treasuries, has challenged MSCI's proposal to exclude crypto treasuries from its global index. In its feedback, Strive acknowledged that the current proposal is a 'material improvement' over its predecessor but argued that MSCI still lacks a clear definition for 'operating assets.'

According to Strive, Strategy's digital credit products tied to BTC reserves fit the profile of an operating company, citing their use of balance sheet assets as inputs and production of differentiated financial claims. This playbook is also followed by Strive itself, with over $2B worth of BTC held in reserve.

The index provider, MSCI, views companies that buy and hoard assets like Strategy as 'non-operating' firms that should be axed from its index. Strive insists that MSCI must define 'operating assets' and provide a future qualification path for affected firms to make necessary adjustments.