Strategy Inc. is pushing back against an MSCI proposal that could remove the bitcoin treasury company from global equity indexes. In a letter dated Aug. 31, the Nasdaq-listed firm urged MSCI to withdraw the plan, arguing the screening methodology misclassifies its operations and unfairly targets digital asset treasury companies. Strategy called the test a reworked crypto exclusion.
The Aug. 31 letter
Strategy's challenge centers on how MSCI's proposed screening would treat companies that hold bitcoin on their balance sheets. The firm argues the methodology doesn't accurately reflect its business model, which pairs software operations with a large bitcoin treasury. By lumping Strategy in with other digital asset firms, the test would effectively push it out of indexes that many institutional investors track.
The letter doesn't mince words. Strategy frames the proposal not as a neutral risk measure but as a targeted move against companies like itself. The company wants MSCI to scrap the test entirely rather than tweak it.
Why the index matters
Getting dropped from MSCI's global indexes isn't just a symbolic blow. Index inclusion drives passive fund flows, and removal can trigger forced selling by funds that mirror the benchmark. For a company whose stock price is closely tied to its bitcoin holdings, that kind of mechanical selling could add pressure at the worst time.
Strategy has built its entire corporate identity around bitcoin accumulation. Its founder, Michael Saylor, has been the loudest corporate advocate for the asset. So the company is treating this proposal as an existential threat to its positioning, not a paperwork dispute.
What MSCI hasn't said
MSCI hasn't publicly responded to the letter. The proposal is still on the table, and there's no timeline for a final decision. Strategy's argument is now on the record, but whether the index provider bends to it is another question.
The company's move is a reminder that the battle over bitcoin's legitimacy is now being fought in index construction, not just on exchanges or in courtrooms. For Strategy, the next concrete step is waiting on MSCI's answer.
