Strategy criticizes MSCI’s proposal to exclude Bitcoin treasury firms from major indexes

Strategy pushed back against MSCI on Friday after the index provider unveiled a new methodology that could result in the Bitcoin treasury company being removed from its global equity indexes.

The proposal is not a final decision. MSCI is still evaluating the methodology and is seeking market feedback through Sept. 30, with consultation results expected by Oct. 16. Any changes would be implemented as part of the November 2026 index review.

Strategy responded to the proposal on X on Friday, arguing that index providers should measure markets rather than determine which assets companies are allowed to own.

“Digital assets are assets. Index providers should measure markets, not decide which assets companies are allowed to own,” Strategy said. “Bitcoin doesn’t need MSCI. Neither does Strategy.”

MSCI proposes broader screen for non operating companies

The latest proposal is broader than MSCI’s previous effort to address digital asset treasury companies specifically.

MSCI is now considering a methodology for determining whether a company should be classified as a non operating company and therefore be ineligible for its Global Investable Market Indexes.

Under the proposal, companies would first face a core screen measuring whether operating assets represent more than 50% of total assets. 

Companies that fail the first test would then be evaluated using five financial ratios covering operating assets, expenses, cash flow, fair value changes and dependence on external capital.

A company would be considered ineligible if it fails at least four of the five tests. Current index constituents would generally need to fail the screens for two consecutive annual periods before removal.

Applying the proposed methodology to the MSCI ACWI IMI using May 2026 data would have resulted in three deletions: Strategy, Japanese Bitcoin treasury company Metaplanet and uranium investment company Yellow Cake.

The simulation does not mean those companies have been removed. MSCI explicitly said the consultation may or may not result in changes to its indexes.

Strategy renews opposition to MSCI

Friday’s response marks Strategy’s latest objection to MSCI’s treatment of companies with large holdings of investment assets.

Strategy formally opposed an earlier MSCI proposal in December 2025 that would have excluded digital asset treasury companies whose crypto holdings represented at least 50% of total assets.

The company argued at the time that it is an operating business rather than an investment fund or passive Bitcoin vehicle, pointing to its software operations, treasury activities and Bitcoin related credit products.

MSCI decided in January not to implement that digital asset specific proposal as part of its February index review. The decision preserved the existing treatment of Strategy and other digital asset treasury companies while MSCI conducted a broader review of companies whose activities may be primarily investment oriented.

That January decision was the event that prompted a rally in Strategy shares. Friday’s development is separate and instead places Strategy’s index eligibility back under scrutiny.