Overview
- Strategy filed a formal 12-page letter asking MSCI to withdraw or extend its consultation on excluding firms whose digital assets exceed 50% of total assets.
- The company argues digital asset treasury businesses are operating enterprises that use bitcoin as productive capital rather than fund-like vehicles.
- Strategy calls the threshold arbitrary and warns it would destabilize indexes through price-driven whipsaws and inconsistent IFRS versus U.S. GAAP accounting.
- Analysts, including JPMorgan, estimate Strategy could face about $2.8 billion in forced passive outflows if removed from MSCI benchmarks.
- MSCI’s review launched in October remains undecided until roughly January 15, 2026, as other industry groups such as Strive and Bitcoin For Corporations register similar objections.