Strategy Sparks Outcry Over MSCI's Crypto Treasury Removal

A Strong Stand Against MSCI's Proposal

Strategy has taken a firm stance against MSCI's proposal to exclude digital asset treasury companies (DATs) from its Global Investable Market Indexes. The company argues that this move is not only misguided but also detrimental to investors and the broader economy. Instead, Strategy believes that MSCI should remain neutral and allow the market to determine the future of DATs.

According to reports, MSCI claims that crypto treasury companies function more like investment funds rather than operating businesses. However, Strategy, led by Executive Chairman Michael Saylor, contends that the company actively manages an enterprise analytics software business and creates Bitcoin-backed credit instruments. This, according to the company, distinguishes it from passive vehicles that merely track price movements.

Investors, the company states, are purchasing the strategy and management of Strategy, not just a static wrapper for Bitcoin. "Strategy is not an investment fund, and it does not passively hold Bitcoin. Strategy is an operating business that actively uses the Bitcoin it holds to create returns for shareholders," the company emphasized in its statement.

Discriminatory and Arbitrary Proposal

Strategy has raised concerns about the discriminatory nature of MSCI's proposal. The company argues that the 50% threshold set by the proposal is arbitrary and lacks any positive impact. It singles out digital asset businesses while allowing other industries with similarly concentrated holdings in oil, timber, gold, media and entertainment, and real estate to remain unaffected.

Additionally, Strategy warns that implementing such a move could disrupt market stability. As one of the leading corporate holders of Bitcoin, the company urges MSCI to recognize DATs as operating entities that contribute to economic progress and innovation.

The company also claims that the proposal may conflict with U.S. policy. President Trump signed an executive order promoting the growth of digital financial technology. The administration also established a Strategic Bitcoin Reserve and supported the inclusion of digital assets in 401(k) plans.

Request for Further Consultation

Strategy has called on MSCI to provide further consultation before making any significant changes. "MSCI should allow time for the digital asset industry and DATs to evolve and gain their footing before proposing broad-stroke rules and criteria. At a minimum, MSCI should not take such a consequential step without engaging in further consultation," the letter stated.

Other companies, such as Strive, a structured-finance company listed on Nasdaq, are also opposing MSCI’s proposal. Strive, which holds over 7,500 Bitcoins, sent a letter to MSCI's CEO, Henry Fernandez, stating that the proposed exclusion would violate the "long-established principle of index neutrality."

Significant Bitcoin Accumulation

Strategy has continued its aggressive accumulation of Bitcoin in recent months. In November 2025, the company added approximately 9,062 BTC across several transactions, including a major purchase of 8,178 BTC for $835.6 million at an average price of $102,171 per coin.

In early December, Strategy added 130 BTC for $11.7 million, reaching a symbolic milestone of 650,000 BTC, valued at roughly $58.5 billion. The pace of accumulation increased later in the month with a blockbuster purchase of 10,624 BTC for $962.7 million between December 1 and 7 at $90,615 per coin.

This brought the total holdings to 660,624 BTC, acquired for approximately $49.35 billion at an average cost of $74,696 per BTC.

CEO Comments on Potential Sales

In a recent statement, CEO Phong Le mentioned that Bitcoin sales could occur in extreme situations, such as a 95% price drop that would trigger margin calls. This contrasts with Saylor’s long-held "never sell" philosophy and has sparked speculation about a potential fire sale of their 3% share of the total Bitcoin supply.

Currently, the company’s mNAV is hovering near 1.0, and shares have dropped 50% since October.

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