Overview
- Strategy submitted a 12-page letter signed by Michael Saylor and Phong Le arguing that digital-asset treasury companies are operating businesses rather than investment funds.
- The company calls the 50% asset threshold discriminatory and unworkable, warning of “whipsaw” index changes driven by crypto volatility and by GAAP fair-value rules versus IFRS cost accounting.
- JPMorgan estimates roughly $2.8 billion could exit Strategy if MSCI removes it, with totals approaching $8–9 billion if other index providers adopt similar exclusions.
- Analysts say Strategy’s place in the Nasdaq 100 is under review in today’s annual reshuffle, and Jefferies pegs potential passive outflows near $1.6 billion if it is dropped.
- Industry respondents including Strive proposed optional ex-DAT versions of benchmarks as MSCI weighs how to classify companies with large digital-asset holdings.