TLDR
Strategy formally opposed the MSCI proposal, calling the planned index screening framework unfair to digital asset treasury firms. MSCI’s proposed rules would apply extra financial tests to companies with operating assets below 50% of total assets. Firms triggering at least four of five screening flags could become ineligible for MSCI Global Investable Market Indexes. Strategy argued that accounting standards do not clearly define “operating” and “non-operating” assets. A May 2026 simulation placed Strategy, Metaplanet, and Yellow Cake at risk of index removal, while SharpLink entered the watchlist.
Strategy has formally opposed the latest MSCI proposal that could remove some digital asset treasury companies from global indexes. In a letter signed by Executive Chairman Michael Saylor and CEO Phong Le, Strategy argued that the plan unfairly targets firms that hold large amounts of bitcoin and other assets. The company said the MSCI proposal uses unclear standards to separate operating assets from non-operating assets. Strategy also warned that the planned screening process could treat digital asset treasury firms differently from other asset-heavy businesses. Strategy Challenges MSCI Proposal
MSCI opened the public consultation last month as part of a broader review of companies with large holdings outside traditional operating assets. Under the proposal, firms with operating assets below 50% of total assets would face five additional financial tests.
A company that triggers at least four of those tests could lose index eligibility. Strategy said the method creates a screening system that could remove digital asset treasury firms while leaving other asset-focused companies unaffected.
Strategy argued that U.S. GAAP, IFRS rules, and securities laws do not clearly define “operating” and “non-operating” assets. The company said this makes MSCI’s proposed classification difficult to apply consistently. Strategy also noted that it treats its bitcoin treasury as an operating segment. The company records Bitcoin-related gains and losses as operating expenses after discussions with the U.S.
Securities and Exchange Commission. MSCI Review Could Affect Several Firms
MSCI previously reviewed digital asset treasury companies in 2025 but decided in January not to remove them from its indexes. It later continued its review and introduced the current proposal. A May 2026 simulation identified Strategy, Metaplanet, and Yellow Cake for removal. SharpLink appeared on the watchlist. Strategy argued that the model could place more pressure on digital asset treasury firms than on REITs, timber companies, or energy infrastructure businesses.
Strategy asked MSCI to withdraw the proposal. If MSCI moves forward, the company wants any new rule based on recognized accounting or legal standards and applied only after the final policy takes effect.
MSCI will accept feedback until September 30. The index provider plans to announce its decision by October 16, with any changes taking effect in December. Strategy shares rose 4.42% Monday to $132.94. The company also bought 4,603 bitcoin last week at an average price of $80,318 per coin.
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