Strategy challenges MSCI plan to exclude Bitcoin-focused treasury firms

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Yaroslav Dmytrenko

10.12.2025

Strategy challenges MSCI plan to exclude Bitcoin-focused treasury firms — MSCI policy shift faces pushback from Saylor’s Bitcoin-heavy company

Michael Saylor’s company, Strategy, has submitted a response to index provider MSCI regarding a proposed policy change that would exclude publicly traded companies managing digital assets if 50% or more of their balance sheet consists of cryptocurrency. In its letter, Strategy argued why the company should remain eligible for index inclusion.The largest corporate holder of bitcoin opposes MSCI’s proposed adjustment to its selection criteria, citing several reasons.

According to Strategy, MSCI does not exclude other types of companies that concentrate their investments in a single asset class, including real estate investment trusts (REITs), oil companies, and media portfolios.

Therefore, the proposed policy change would demonstrate a biased stance by MSCI toward Bitcoin, rather than establishing the index provider as a neutral arbiter.

“Many financial institutions primarily hold specific types of assets and then package and sell derivative instruments backed by those assets, such as mortgage-backed securities,” the letter states.

The letter also argues that companies managing digital assets are operating companies capable of actively adjusting their activities, citing Strategy’s bitcoin-backed credit instruments as an example.

It further states that adopting this policy change would “undermine” U.S. President Donald Trump’s goal of positioning the United States as the global leader in cryptocurrency.

Will the arguments work?

MSCI Inc.’s attempt to exclude companies concentrated on managing cryptocurrency treasuries stems primarily from the Federal Reserve’s view that high crypto volatility could amplify volatility in indices tracking such companies.

“The widespread use of leverage among crypto traders increases volatility and contributes to the fragility of cryptocurrencies as an asset class,” the Fed wrote in a publication on the matter.

MSCI also noted that companies using cryptocurrencies as capital lack clear and consistent valuation methods, which complicates proper accounting and can distort index values.

Meanwhile, MSCI’s proposed policy change—scheduled to take effect in January—may encourage treasury-focused companies to sell their crypto holdings to remain eligible for index inclusion, adding further selling pressure to digital asset markets.

As we wrote, Crypto community boycotts JPMorgan over threats to MSCI listings

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