Strategy has formally opposed MSCI’s proposal to exclude companies whose digital asset holdings reach 50% or more of total assets, submitting a letter that challenges the rule and frames the issue as misclassification.
MSCI says the 50% threshold aims to preserve index integrity by separating traditional operating companies from firms seen as primarily holding volatile digital assets. The firm has also developed its own digital asset indexes, launched en noviembre de 2022, a point critics cite as inconsistent with a blanket exclusion.
Strategy — the company that rebranded from MicroStrategy en feb. de 2026 — argues it is an operational enterprise combining enterprise analytics and an active corporate treasury policy centered on Bitcoin. Executive Chairman Michael Saylor described the company’s software development, Bitcoin-backed credit programs and other operational activities as evidence that Strategy is not a passive asset fund but an active business whose value derives from management and strategy.
Coalition voices joined Strategy. Bitcoin For Corporations (BFC) said the proposal misclassifies companies by balance sheet instead of revenue-generating activity; George Mekhail of BFC said, “MSCI has long defined companies by what they do, not by what they hold.” Strive Asset Management warned that the 50% rule is arbitrary and would create inconsistent outcomes because U.S. GAAP and IFRS treat digital assets differently, and noted the proposal singles out digital assets while similar holdings in commodities or reserves are not penalized.
Market impact and regulatory context
Analysts at major banks and brokerages flagged immediate market consequences. JPMorgan and TD Cowen projected that MSCI-driven exclusion could force hundreds of millions to billions of dollars in passive selling, with estimates for Strategy ranging from $2.8 billion from MSCI indices alone up to $9 billion if other index providers follow suit. Forced divestment by index-tracking funds would likely increase volatility and weigh on Strategy’s market price, affecting investors who use the stock as a leveraged proxy for Bitcoin exposure.
An index is a benchmark that tracks a basket of securities and is used by funds to replicate market exposure; exclusion from a widely followed index typically compels passive funds to sell holdings. The debate therefore touches on both index methodology and competitive dynamics: critics say the rule would disadvantage companies strategically allocating to digital assets and could shift innovation and capital offshore, while proponents frame the change as a guardrail for consistent classification.
The dispute frames a broader question about how legacy financial gatekeepers classify digital-asset exposure and whether existing index frameworks must adapt to hybrid business models.
