Overview
- Strive sent a formal seven‑page letter to MSCI CEO Henry Fernandez opposing the proposed reclassification and index removal of companies whose digital‑asset holdings exceed 50% of total assets.
- The firm calls the 50% threshold arbitrary and unworkable, citing bitcoin volatility, use of derivatives and ETFs, and divergent GAAP versus IFRS accounting that can mask true exposure.
- Strive proposes preserving neutral flagship indices while offering optional “ex‑Digital Asset Treasury” variants for clients that want to avoid crypto‑heavy balance sheets.
- It argues many bitcoin‑heavy companies run substantive operations, pointing to miners expanding into AI data‑center services and the rise of bitcoin‑linked structured finance issued by major banks.
- MSCI plans to rule on January 15, 2026, and analysts warn of potential passive outflows such as an estimated $2.8 billion from Strategy if excluded, while some index experts support exclusion to prevent double‑counting.