Strategy Inc. (Nasdaq: MSTR), a publicly traded bitcoin-treasury and enterprise-analytics company, submitted a detailed letter to the MSCI Equity Index Committee on Dec. 10 opposing MSCI’s proposal to exclude digital-asset-heavy firms from its global indexes. The company argued that the plan would undermine innovation and mischaracterize digital-asset treasury companies.

Strategy’s executive chairman and founder, Michael Saylor, shared on social media platform X:

Strategy has submitted its response to MSCI’s consultation on digital asset treasury companies. Index standards should be neutral, consistent, and reflective of global market evolution.

The letter, signed by Saylor and Strategy President and Chief Executive Officer Phong Le, explains: “The proposal rests on a mischaracterization of the business models of DATs like Strategy.” They argued that DATs actively deploy bitcoin through treasury operations, capital-markets strategies, and structured credit instruments, distinguishing them from passive investment funds.

They criticized the proposed 50% threshold as “discriminatory, arbitrary, and unworkable,” highlighting that concentrated asset positions are routine across oil, mining, timber, real estate, entertainment, and energy-infrastructure sectors without triggering index exclusion. They added that valuation volatility and differences between GAAP and IFRS accounting would cause companies to move unpredictably in and out of MSCI indexes, undermining index stability.

Read more: Strategy Faces MSCI Index Heat While Saylor Drives a Deeper Bitcoin Finance Push

According to Strategy’s letter, the proposal risks undermining MSCI’s neutrality by injecting policy judgments into index construction and distorting the $15 trillion passive-investment ecosystem. The authors said the rule conflicts with current federal initiatives that encourage digital-asset innovation, broaden institutional access to bitcoin-backed instruments, and strengthen U.S. competitiveness in emerging financial technologies. Analysts cited in the letter estimated that companies affected by the proposal could face billions in forced outflows, intensifying market consequences.

Saylor and Le urged MSCI to withdraw or extend the consultation, arguing that premature structural changes risk stifling technological progress, distorting market incentives, and disadvantaging U.S. innovators at a global scale. Their letter concludes:

We urge MSCI to reject the proposal. It rests on a broad mischaracterization of DATs and would impose arbitrary, unworkable conditions that would stifle innovation, damage the reputation of MSCI’s indices, and conflict with national priorities.

• What is Strategy Inc. opposing in MSCI’s proposal?
  The company opposes MSCI’s plan to exclude digital-asset-heavy firms from global indexes.
• Why does Strategy argue the 50% threshold is flawed?
  The letter calls the threshold discriminatory and unworkable compared with concentrated positions common in other sectors.
• How could MSCI’s proposal affect passive-investment markets?
  Analysts warn it could distort a $15 trillion ecosystem and trigger forced outflows.
• What broader risks does Strategy cite regarding U.S. competitiveness?
  The company says the rule could undermine federal efforts to support bitcoin innovation and weaken U.S. leadership in emerging finance.

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