Overview
- Strategy filed a formal comment letter, signed by Michael Saylor and CEO Phong Le, opposing MSCI’s proposal.
- MSCI’s consultation considers excluding companies whose digital-asset holdings equal at least 50% of total assets from its Global Investable Market Indexes.
- Strategy says digital asset treasury companies are operating businesses using bitcoin as productive capital rather than passive investment vehicles.
- The company calls the 50% threshold arbitrary and discriminatory, noting other firms with concentrated assets like oil or real estate remain index-eligible.
- Strategy warns of large passive outflows—analysts estimate up to $2.8 billion for its stock—and asks MSCI to withdraw or further extend the consultation.