Strategy disclosed that the proposed “non-business company” identification method of MSCI could lead to its removal from the MSCI Global Stock Index. Companies believe that index providers should reflect market changes rather than determine what assets the listed company can hold.
The company says the index should be neutral.
Strategy stated on platform X that digital assets were assets in themselves and that index institutions should measure the market and not determine asset allocation for enterprises. The company also stated that the MSCI proposal was inconsistent with regulatory direction, market practice and customer needs.
According to Strategy, the Bitcoin holdout should not be a reason for a company to be treated differently. The company emphasized that its business was not a passive currency instrument or an investment fund, but a software enterprise that was still in operation.
I made an official objection last year.
Strategy states that as early as December 2025, the company had formally opposed the earlier MSCI digital assets programme. The criterion is that a company may be excluded from the index as long as it has a digital asset of 50 per cent of total assets.
- The company claims to be an operating company.
- Software operations and active treasury are ongoing
- 50%, the threshold is too arbitrary.
Strategy argues that the new proposal repeats the problems of the previous programme and, in essence, continues to impose additional restrictions on companies holding Bitcoin, and deviates from the principle of neutrality in index preparation.
Stock prices fall with bitcoin.
On the market side, Strategy stock prices fell by 4.3 per cent on Friday and bitcoin fell back to $62,600 during the same period. If MSCI's new approach is landed, Bitcoin Treasury, including Strategy, may face an indexed change in eligibility.
Additional information:MSCI had previously used digital assets as a criterion of 50 per cent of total assets, and Strategy had submitted a formal objection at that time.