Strategy has formally opposed an MSCI proposal that would subject companies holding mostly non-operating assets to added screening for index inclusion, calling the plan discriminatory against digital asset treasury firms. The bitcoin treasury company argues the rule targets it specifically while sparing other asset-heavy businesses.
Strategy, the world's biggest digital asset treasury firm, pushed back Monday against MSCI's latest proposal to exclude certain "non-operating asset" companies from the MSCI Global Investable Market Indexes. The company called the move a disguised effort to remove digital asset treasury firms from the indices.
In a letter signed by Executive Chairman Michael Saylor and CEO Phong Le, Strategy said MSCI's consultation should be withdrawn. According to The Block, the letter states: "is discriminatory, arbitrary, and misguided".
MSCI's proposed screening
Last month, MSCI opened a consultation setting a threshold: companies with operating assets below 50% of total assets would face five additional financial-ratio examinations, and triggering at least four flags would make a firm ineligible for index listing. This extends MSCI's 2025 review of whether digital asset treasury firms belong in its indices. Following industry backlash, MSCI decided in January not to exclude such firms and to reevaluate its criteria instead.
Strategy's rebuttal
Strategy's letter called the new proposal a "pretext" for targeting digital asset treasury companies, arguing that "operating" and "non-operating" are undefined in U.S. GAAP, IFRS or existing securities-law tests. The company says MSCI treats bitcoin as a non-operating asset even though Strategy reports its bitcoin treasury as an operating segment and records related gains and losses as operating expenses after discussions with the Securities and Exchange Commission.
The company further argued the test would spare other asset-heavy businesses such as REITs, timber firms and energy infrastructure companies while concentrating its impact on digital asset treasuries. If MSCI proceeds, Strategy asked that any rule apply only to filings issued after the proposal is finalized on recognized accounting or legal standards, accompanied by a published consultation record.
What comes next
MSCI is accepting feedback until Sept. 30 and plans to announce the result by Oct. 16, with any changes taking effect in December. Meanwhile, Strategy's stock rose 4.42% on Monday to close at $132.94. The same day, the company disclosed it had purchased 4,603 BTC last week at an average price of $80,318 per bitcoin.
Source: The Block
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