Strategy Inc. Warns Against MSCI s Digital Asset Exclusion Proposal

Strategy Inc., a bitcoin-treasury and enterprise-analytics company, has raised concerns over MSCI s proposal to exclude digital-asset-focused companies from its global indexes. The company argues that this move could distort global markets, hinder bitcoin-driven innovation, and lead to significant investment repercussions.
In a letter submitted to the MSCI Equity Index Committee, Michael Saylor, Strategy s executive chairman, emphasized the need for neutral and consistent index standards. He stated,
Index standards should be neutral, consistent, and reflective of global market evolution.
The letter, co-signed by Saylor and Phong Le, Strategy s President and CEO, criticized the proposed 50 threshold for digital asset inclusion as discriminatory, arbitrary, and unworkable.
The letter pointed out that concentrated asset positions are common in various sectors such as oil, mining, and real estate without leading to index exclusion. It also highlighted potential issues with valuation volatility and accounting differences that could cause companies to move unpredictably in and out of MSCI indexes.
Strategy s letter warns that the proposal could compromise MSCI s neutrality and disrupt the 15 trillion passive-investment ecosystem. It conflicts with federal initiatives aimed at promoting digital-asset innovation and enhancing U.S. competitiveness in emerging financial technologies. Analysts cited in the letter estimate that affected companies could face billions in forced outflows.
Saylor and Le urged MSCI to reconsider the proposal, arguing that premature structural changes could stifle technological progress and disadvantage U.S. innovators. They concluded their letter with a strong appeal:
We urge MSCI to reject the proposal. It rests on a broad mischaracterization of DATs and would impose arbitrary, unworkable conditions that would stifle innovation, damage the reputation of MSCI s indices, and conflict with national priorities.