$MSTR

Strategy responds to MSCI's proposal to exclude digital asset treasury companies from indexes
Dec. 10, 2025

Strategy (MSTR) on Wednesday issued a response to MSCI (MSCI) on the index provider's proposal to exclude from its Global Investable Market Indexes those companies whose balance sheets consist of over 50% digital assets.

Last week, Strategy was said to be engaging with MSCI over a possible exclusion from the index provider's indices.

MSCI was reportedly planning to decide by January 15 on whether it will remove crypto treasury companies, whose business model resembles investment funds that are currently not eligible for index inclusion.

"Strategy is not an investment fund and it does not passively hold bitcoin. Strategy is an operating business that actively uses the bitcoin it holds to create returns for shareholders," the Tysons Corner, VA-based bitcoin treasury company said.

"And Strategy, unlike an investment fund, retains the operational flexibility to adapt its value-creation strategies as the revolutionary technology underlying bitcoin evolves," said MSTR.

Additionally, Strategy said the proposal's digital-asset-specific 50% threshold is arbitrary, discriminatory, and unworkable. And, the proposal improperly injects policy considerations into indexing and conflicts with U.S. policy and would stifle innovation.