Strategy Formally Urges MSCI to Keep Digital Asset Treasury Companies on Global Indexes

Strategy, the world's largest Bitcoin treasury company, submitted a formal response to MSCI's consultation, strongly urging the index provider to reject its proposal to exclude Digital Asset Treasury Companies (DATs) whose digital asset holdings exceed 50% of total assets. Strategy argues this threshold is "misguided" and would harm investors and the industry, emphasizing that DATs are operating companies, not passive investment funds, as they actively use their reserves to generate shareholder returns.

The company criticized the proposed 50% threshold as "discriminatory, arbitrary, and unworkable," drawing parallels to traditional companies like oil firms or REITs that hold concentrated assets without similar exclusion. Strategy warned that volatility and valuation changes would cause DATs to frequently enter and exit MSCI indices, compromising MSCI's objectivity. Furthermore, the company noted that excluding DATs would conflict with U.S. economic policy promoting digital assets and could lead to billions in stock outflows for Strategy alone.

Strategy concluded by advising MSCI to allow the market to evolve naturally, comparing the current situation to historical instances where institutions initially resisted foundational technologies. They urged MSCI to maintain neutrality and reflect the next era of financial technology in its indices.

(Source：Bitcoin Magazine)