Strategy Submits Index Defense to MSCI on Bitcoin Treasury Firms

Key Highlights

Strategy submitted a formal response to MSCI, arguing that its digital asset treasury model should not lead to exclusion from global equity indices.
The company stated that index standards must be neutral and reflect global market evolution to accommodate firms like Strategy.
Strategy opposes a potential reclassification of digital asset treasury companies as investment funds, which could trigger major passive fund outflows.

Strategy, the largest corporate holder of Bitcoin, has formally submitted its response to a key consultation by global index provider MSCI. The company challenges a proposal that could lead to the exclusion of “digital asset treasury companies,” or DATs, from major equity indices.

The company’s core argument is that index standards should be “neutral, consistent, and reflective of global market evolution.”

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. Read our letter and share your support: https://t.co/yiPRYyw5Lk
— Michael Saylor (@saylor) December 10, 2025

Pushback on the 50% threshold proposal

In its letter to the MSCI Equity Index Committee, Strategy challenged the proposed framework that would reclassify companies whose digital asset holdings represent a major percentage of total assets, reportedly above a 50% threshold, as passive investment funds rather than operating companies.

Strategy argued that it actively manages its Bitcoin holdings as a part of its corporate treasury and capital markets business, stating that DATs are operating entities, not investment funds. The company stated that the proposal is “misguided” and warned it could have “profoundly harmful consequences” for investors seeking indirect exposure to the digital asset market.

Consultation timeline and prior engagement

MSCI’s consultation began on October 10 to change the classification methodology for companies with substantial cryptocurrency exposure. The consultation period is scheduled to end on December 31, and MSCI is expected to make its final decision on January 15, 2026.

The firm has previously stated that it is actively engaging with MSCI and communicating its position, including disputing certain analyst estimates that had projected billions in passive fund outflows if the exclusion were to occur.

Continued Bitcoin accumulation

Amid the ongoing index debate, Strategy continues to expand its holdings in line with its corporate strategy. The company recently announced the purchase of an additional 10,624 Bitcoin for $962 million, increasing its total corporate treasury to 660,624 BTC.

The outcome of the January decision carries significance for the market structure of crypto-linked equities. If MSCI decides to proceed with the exclusion, it would force passive funds tracking the global benchmarks to automatically sell their shares in Strategy.

On the other hand, a decision in favor of Strategy’s argument would validate the Digital Asset Treasury model and establish a precedent for how large index compilers handle companies with substantial, strategically held digital assets. The conclusion of the consultation period at the end of the year will set the stage for the final index verdict in mid-January.