Strategy accuses MSCI of trying to push Bitcoin companies out of indexes

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Strategy accuses MSCI

MSCI criteria as a threat to DAT companies

In August, MSCI proposed additional screening for companies whose operating assets account for less than 50% of total assets. Such issuers would be assessed against five additional financial metrics, with triggering at least four of the criteria potentially resulting in exclusion from the indexes.

The initiative follows MSCI's 2025 review of its approach to companies holding digital asset reserves. In January 2026, the index provider dropped its initial proposal to exclude such companies following industry criticism but decided to develop new criteria.

A May simulation of the proposed model showed that Strategy, Metaplanet and uranium asset holder Yellow Cake could face immediate removal from the MSCI Global Investable Market Indexes. SharpLink was placed on a watchlist for further review.

Strategy argues that the new criteria merely provide a formal basis for restricting DAT companies' presence in the indexes. According to the company, the terms "operating" and "non-operating" assets are not clearly defined under U.S. GAAP, IFRS or existing securities law tests.

Strategy calls for consistent rules across asset classes

The company also objected to the classification of Bitcoin. MSCI treats it as a non-operating asset, while Strategy reports its Bitcoin holdings as part of an operating segment and records related gains and losses within operating expenses.

Strategy also argues that the proposed approach could leave other asset-heavy businesses unaffected, including real estate investment trusts, timber companies and energy infrastructure firms. DAT companies, meanwhile, would be among the primary potential targets of the new criteria.

If MSCI proceeds with the rules, Strategy is calling for them to apply only to financial statements published after the methodology is formally approved. The company also urged the index provider to establish objective criteria for distinguishing between operating and non-operating assets and explain the need for the new screening framework.

Meanwhile, Strategy continues to expand its Bitcoin reserves. On August 31, the company announced the purchase of another 4,603 BTC for approximately $369.7 million at an average price of $80,318 per coin.

Following the purchase, Strategy's total holdings reached 845,050 BTC. The company remains the largest publicly traded corporate holder of Bitcoin and continues to accumulate the asset regardless of the debate over the potential removal of DAT companies from MSCI indexes.

Earlier, we reported that Strategy shares came under selling pressure despite optimistic comments from Michael Saylor about Bitcoin and the company's strategy. The stock remains closely tied to movements in the cryptocurrency and investor sentiment toward its BTC accumulation model.

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