Overview
- Strategy filed a 12‑page comment letter signed by Michael Saylor and Phong Le urging MSCI to withdraw its proposal to exclude companies whose digital assets equal or exceed 50% of total assets.
- The company argues digital‑asset treasury firms are operating businesses, not investment funds, and says a crypto‑specific threshold is discriminatory compared with how oil, real estate and timber‑heavy firms are treated.
- Strategy warns the rule would cause companies to whipsaw in and out of indexes due to crypto price swings and inconsistent accounting under IFRS versus U.S. GAAP, undermining index stability and neutrality.
- JPMorgan estimates passive trackers could be forced to sell about $2.8 billion of Strategy stock if it is removed, rising to roughly $8.8 billion if other index providers adopt similar standards.
- Industry respondents including Bitwise and Strive have publicly opposed the proposal, with some urging MSCI to offer optional ex‑DAT versions of benchmarks, while Strategy separately remained in the latest Nasdaq 100 reconstitution.