Strategy pushes back on MSCI's proposed index exclusion rules

Strategy says MSCI should measure markets, not dictate corporate assets

The bitcoin treasury company said index providers should measure markets rather than determine which assets public companies are allowed to own.

By James Van Straten | Edited by Stephen Alpher

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Strategy criticized MSCI’s proposed “non-operating company” rules, which could exclude it from the index provider’s global equity indexes.

The company said the new proposal repeats the problems of MSCI’s earlier digital asset-specific plan and unfairly penalizes companies for holding bitcoin.

Strategy MSTR $ 93.05 has pushed back against MSCI’s proposed methodology for identifying “non-operating companies,” which could result in the largest bitcoin treasury company being removed from the index provider’s global equity indexes.

Strategy said on X , “Digital assets are assets. Index providers should measure markets, not decide which assets companies are allowed to own,” Strategy said. “MSCI’s proposal puts it out of step with regulators, markets, and its own customers. Bitcoin doesn’t need MSCI. Neither does Strategy.”

The latest consultation replaces an earlier proposal focused specifically on companies with significant digital asset holdings. Applying the new financial-ratio screen using May 2026 data would have resulted in the removal of Strategy, Metaplanet and uranium holder Yellow Cake from the MSCI ACWI IMI.

The response follows Strategy’s formal objection in December 2025 to MSCI’s previous proposal, which would have excluded companies whose digital assets represented at least 50% of total assets.

Strategy argued at the time that it is an operating company, not an investment fund or passive bitcoin vehicle, pointing to its software business, active treasury operations and bitcoin-backed credit instruments. It described the 50% threshold as arbitrary and urged MSCI to maintain neutral index standards.

MSTR is lower by 4.3% on Friday as bitcoin dips to $62,600.

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