Strategy Pushes Back on MSCI’s Digital Asset Exclusion Proposal

Strategy (MSTR), led by Executive Chairman Michael Saylor, formally objected to MSCI's proposal to remove companies whose digital asset holdings constitute 50% or more of total assets from MSCI Global Investable Market Indexes. Strategy argued that digital asset treasury companies (DATs) are operating businesses using digital assets as productive capital, not passive investment vehicles, pointing to their software business, credit instrument creation, and corporate treasury management. The company listed five reasons why it is not an investment fund, emphasizing its conventional operating company structure. Strategy contended that the 50% threshold is arbitrary, noting that companies holding concentrated reserves in other assets like oil or real estate remain eligible for MSCI indices, effectively singling out digital asset-backed firms. Furthermore, MSTR warned that exclusion could lead to massive passive capital outflows, undermine American competitiveness, and slow financial technology expansion, urging MSCI to extend consultation if it proceeds with differential treatment.

(Source：CoinDesk)