Bitcoin treasury companies are facing a new debate around the criteria for inclusion in major indices. Saylor and Strategy challenge an MSCI proposal targeting certain companies considered non-operational. The group believes that this filter could exclude several values related to digital assets. The cost of this decision, however, goes beyond the companies affected, as billions of dollars of capital could be affected. MSCI’s consultation remains open until September 30 before a decision expected in October.
In brief
- Saylor and Strategy call on MSCI to abandon its new eligibility screen targeting certain non-operating companies.
- Strategy, Metaplanet and Yellow Cake could be removed from the ACWI IMI index according to MSCI’s proposal.
- Excluding Strategy could lead to $2.8 billion in capital outflows, or even $11.6 billion if other indices follow.
- MSCI’s consultation closes on September 30, with results expected on October 16 and a possible change in November.
Michael Saylor challenges the principle of the proposed filter
Michael Saylor and Phong Le, founder and CEO of Strategy, sent a letter to MSCI. Both leaders call on the index provider to withdraw its eligibility test. According to them, this rule would be “ discriminatory, arbitrary and misguided “. They especially consider that it targets companies that have adopted a digital asset treasury strategy.
There proposal concerns so-called “non-operational” companies in the MSCI Global Investable Market Indexes. MSCI plans a review when operating assets represent less than half of total assets. The valuation covers assets, expenses, cash flows, fair value and external financing. Four failures make a company ineligible, while an existing company must fail twice before withdrawal.
Strategy does not fit this definition according to the letter. In his report of the second quarter, filed on August 3, Strategy presents its Bitcoin treasury as an operating segment. The company also accounts for changes in the fair value of Bitcoin in its operating expenses. This accounting treatment should therefore not fall into the filter categories. The price of this classification remains at the heart of the disagreement.
MSCI filter threatens several Bitcoin stocks
According to MSCI, applying the filter to the ACWI IMI could remove three stocks. Strategy is among them, with a float-adjusted market capitalization of $23.93 billion. Yellow Cake posted $1.81 billion, while Metaplanet reached $654 million. These three companies would be affected by the next revision.
Three other companies would come under public supervision. SharpLink, which has an Ethereum treasury, is part of this list. Center Laboratories and Lydia Holding complete the group. In his letter, Saylor points out that Strategy represents approximately 87% of the six companies’ float-adjusted capitalization.
The financial stakes could therefore go beyond the withdrawal of a few values. Funds tracking GIMI indices represent 3.1% of base shares. JPMorgan analysts estimated in November 2025 that the exclusion of Strategy could cause $2.8 billion in capital outflows. This figure could reach $11.6 billion if other providers adopted a similar approach.
MSCI under pressure ahead of its decision on crypto companies
Saylor and Le say the proposal would not cause a significant impact on Strategy’s business. However, they believe that it could affect MSCI’s reputation as a provider of neutral indices. Their position echoes an argument made in December, when executives warned that excluding crypto cash companies could harm U.S. national security.
The letter ultimately asks MSCI to legally block all documents related to the development of the test. The consultation is still on schedule. The stakeholders concerned have until September 30 to submit their comments. MSCI forecasts its results on October 16, before a possible change in November.
The file is entering a decisive phase for Strategy. Saylor seeks to maintain their access to the indices, while MSCI continues its review of non-operating companies. The potential price depends above all on the capital flows involved. The decision will depend on the comments and the application chosen by MSCI.
Three stages remain set: comments until September 30, results on October 16, then possible modification in November. Strategy will have to wait for the procedure to conclude. The actual price will then depend on its application and the reaction of other index providers.
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