Strategy hits back at MSCI's plan to exclude crypto treasury companies from indices

Michael Saylor's company Strategy is facing growing pressure as it challenges MSCI's plan to exclude crypto-treasury companies from major stock indexes. Strategy, which holds the world's largest corporate reserve of Bitcoin, warned that the proposal misunderstands how digital asset treasuries work. Additionally, the plan risks distorting fair index standards.

Bitcoin Fall Heightens Tensions in Growing Strategy-MSCI Dispute

Strategy submitted its response after MSCI proposed delisting companies whose balance sheets contain 50% or more in crypto. The company argued that digital asset treasuries run active businesses and therefore should not be treated as passive investment vehicles.

Pointing to its Bitcoin-backed credit instruments, Strategy maintained that these companies build and manage business operations rather than simply holding crypto. The company also said that MSCI's plan would distort the index policy against crypto as an asset class.

According to Strategy, MSCI already includes companies focused on concentrated asset exposure. Examples include SCPIs, oil producers and media companies. Strategy added that financial institutions often hold large volumes of a single asset and create derivatives from those holdings, including mortgage-backed securities.

Many financial institutions primarily hold certain types of assets and then package and sell derivatives collateralized by those assets, such as residential mortgage-backed securities.

Strategy

MSCI sees the problem differently, as described in its policy manual. The index provider believes that crypto-treasury companies are more like investment funds than operating companies due to their reliance on volatile digital assets. MSCI also warned that crypto-heavy balance sheets lack consistent valuation methods, which could complicate index pricing.

These concerns have intensified as Bitcoin trades around 27% below its all-time high of $126,025. Over the same period, Strategy's stock has fallen more than 50% over the past year, according to market data.

Low liquidity heightens challenges for MSCI's Bitcoin policy overhaul

A Federal Reserve document notes that rapid fluctuations in crypto prices and the common use of leverage can transmit stress to broader markets. For this reason, companies with significant exposure to Bitcoin may introduce increased volatility into the indices that include them.

Key points shaping the political discussion include:

• Inconsistent valuation standards for large corporate crypto holdings.
• Uncertain classification of crypto treasuries as operating businesses or investment vehicles.
• Increased volatility of indices when member stocks follow crypto price movements.
• Concentrated exposure to Bitcoin during sharp market declines.
• Risk of forced sales if companies adjust their holdings to remain eligible for the index.

MSCI's rule change is expected to take effect in January. Strategy warned that the policy could incentivize treasury firms to sell portions of their Bitcoin reserves to remain eligible for inclusion. The company said big sales could add further pressure to crypto markets as liquidity remains low.

Strategy’s own purchasing patterns have evolved. After purchasing 134,000 BTC in 2024, the company acquired only 130 in December 2025. Its last big addition brought total holdings to 649,870 BTC, which later increased to 660,624 BTC. Remarks from CEO Phong Le, who said a Bitcoin sale would only happen “as a last resort,” added tension to an already fragile market mood.

Analysts remain divided, with some traders believing Strategy's reduction in accumulations reflects caution over future price direction. Others point to the company's financial position, more than $1.4 billion in cash and no debt maturing before 2027, as evidence that it has little reason to sell its more than $60 billion in Bitcoin.