Strategy opposes MSCI proposal to exclude Bitcoin treasury firms from indexes
Strategy pushes back against MSCI index exclusion plan
Strategy, a Nasdaq-listed company and the largest corporate holder of Bitcoin, has publicly opposed a proposal by Morgan Stanley Capital International (MSCI) to exclude firms like itself from its Global Investable Market Indexes. In a letter published on August 31, 2026, Strategy called the plan “misguided” and “flawed,” accusing MSCI of unfairly targeting digital asset treasuries.
MSCI is consulting on a rule to define and remove “non-operating companies” from its indexes. Strategy argues this classification is arbitrary and discriminatory, as it reports its Bitcoin holdings as part of its operating business.
Key arguments from Strategy
- MSCI’s proposal relies on unprecedented classifications to label Bitcoin as a “non-operating” asset, which Strategy disputes.
- The company states it employs 1,500 people globally and actively uses Bitcoin to create shareholder value, proving it is an operating business.
- Strategy claims the proposal mirrors a 2025 MSCI plan—later withdrawn—that aimed to exclude firms with digital assets making up 50% or more of their total assets.
- The company holds 845,050 bitcoins, currently valued at $65.8 billion.
What Strategy’s letter says
In its letter to MSCI, Strategy’s founder Michael Saylor and CEO Phong Le wrote that the proposal “conflicts with established securities laws and accounting principles.” They argued that adopting the rule would harm MSCI’s reputation as a neutral index provider and called for the proposal to be withdrawn, as the 2025 version was.
Why this matters for crypto investors
Exclusion from MSCI’s indexes could reduce visibility for Bitcoin treasury firms like Strategy among institutional investors. Strategy’s stock (MSTR) is often used by investors to gain exposure to Bitcoin’s price movements without directly holding the cryptocurrency.
