- Strategy urges MSCI to drop a rule excluding companies with 50%+ digital-asset holdings.
- The firm argues the proposal unfairly targets Bitcoin-focused companies while sparing other concentrated-asset sectors.
- Up to $2.8B in Strategy shares could be liquidated if the policy moves forward.
Strategy has formally submitted a comment letter urging the MSCI Equity Index Committee to abandon its proposal that would exclude companies whose digital-asset holdings exceed 50% of total assets. The letter — signed by Executive Chairman Michael Saylor and CEO Phong Le — argues that digital-asset treasury companies (DATs) are not passive investment vehicles, but real operating businesses that use Bitcoin strategically to enhance shareholder value.
Firm Says MSCI Rule Singles Out Bitcoin-Focused Companies Unfairly
According to Strategy, the proposed 50% threshold is both “arbitrary and discriminatory,” as it targets digital-asset companies while ignoring firms in other sectors that hold similarly concentrated positions in oil, gold, timber, real estate, entertainment IP, or media assets. The company emphasized that its core business remains enterprise analytics software — and that investors buy Strategy stock based on its management, execution, and long-term strategy, not purely as a Bitcoin proxy.
Proposal Could Destabilize Markets and Conflict With US Policy
Strategy warned that implementing the rule could disrupt market stability by forcing large, forced liquidations. Analysts estimate up to $2.8 billion worth of Strategy stock could be removed from MSCI indexes if the 50% cap is enforced. The firm also highlighted that the proposal contradicts US policy direction: President Trump signed an executive order promoting digital-asset innovation, formed a Strategic Bitcoin Reserve, and backed digital-asset access in 401(k) plans.
