Strive Slams MSCI's Plan to Exclude Crypto Treasuries from Global Index

Strive, one of the top five Bitcoin treasuries, has pushed back against MSCI's proposal to exclude crypto treasuries from its global index. In its response, Strive called MSCI's plan a 'material improvement' over the previous framework, but argued that it still lacks clarity on what constitutes an 'operating asset.' The firm cited Strategy's digital credit products tied to BTC reserves as evidence of their operating status.

Strategy issues dividends bi-monthly and quarterly, and has proposed offering daily interest. Their digital credit is backed by massive BTC and cash reserves, ensuring uninterrupted yield payouts. In the event of shortfalls, they have opted to sell part of their BTC to replenish their cash reserves. Strive runs a similar playbook with over $2B worth of BTC as reserve.

In its feedback, Strive asked MSCI to define 'operating assets' and provide a 'future qualification path' for firms to make necessary adjustments. The decision is set to impact the crypto treasuries segment, and will be finalized by mid-October after reviewing feedback from players.