Strategy Pushes Back on MSCI’s Digital Asset Exclusion Proposal

MSCI has initiated a consultation regarding the potential exclusion of companies with significant cryptocurrency or Bitcoin holdings from its main indices, a move that has sparked considerable debate in the financial markets. This proposal specifically targets firms whose balance sheets contain over 50% in crypto assets, raising concerns about the implications for those companies.

Strategy, formerly known as MicroStrategy, has formally opposed MSCI's proposal to exclude digital asset treasury companies from its indexes, arguing that the threshold of 50% digital assets on balance sheets is misguided and could harm the broader cryptocurrency market. The firm, led by Michael Saylor and CEO Phong Le, emphasizes the need for fair treatment of digital asset companies in index eligibility criteria.

MSCI is considering excluding Bitcoin and other digital asset treasury companies from its global indexes if their balance sheets contain over 50% in crypto assets. This proposal has sparked significant debate within the cryptocurrency community, with various stakeholders voicing their concerns.

Michael Saylor, executive chairman of Strategy, announced at Binance Blockchain Week that major U.S. banks are increasingly adopting Bitcoin loans, signaling a significant shift in their attitudes towards cryptocurrency. He noted that institutions like Citibank, JPMorgan, and Bank of America are moving from skepticism to actively developing crypto-related products and services.

Michael Saylor, founder of Strategy, delivered a keynote at the Bitcoin MENA 2025 conference in Abu Dhabi, asserting that Bitcoin will drive a digital credit revolution in the Middle East. He emphasized Bitcoin's potential to transform financial systems and proposed a Bitcoin-backed banking model for nation-states to enhance yield opportunities.

Strategy has responded to a letter from MSCI, making a case for its inclusion in the MSCI indexes by arguing that digital asset treasuries operate as businesses with a single-asset focus. This comes amid concerns of potential removal from these indexes, which could significantly impact the company.

Strategy Inc. has formally challenged MSCI's proposal to exclude digital asset treasury firms from its global indexes, arguing that such a move could destabilize markets and hinder innovation in the cryptocurrency sector. The company has expressed concerns over MSCI's digital asset threshold, which it believes is misaligned with the operational realities of these businesses.

Strategy has formally urged MSCI to retain digital asset treasury companies in its global indexes, arguing that the proposed exclusion could have harmful consequences. The letter highlights concerns over MSCI's digital asset threshold, which Strategy deems misguided.