Strategy Slams MSCI Proposal as Discriminatory Against Bitcoin Treasuries

Strategy, the bitcoin treasury company, has strongly criticized a proposal by Morgan Stanley Capital International (MSCI) that would remove it from the Global Investable Market Indexes, describing the plan as “misguided” and “flawed.”

In a letter sent to MSCI on Monday, Michael Saylor, the founder of the Nasdaq-listed firm, and CEO Phong Le argued that the proposal unfairly targets businesses holding digital assets.

Earlier this month, MSCI announced it was seeking feedback on a plan to classify certain firms as “non-operating companies,” which would render them ineligible for inclusion in its indexes. Such a move would exclude companies like Strategy from indexes that are widely followed by institutional investors.

Strategy responded today to MSCI’s proposed “non-operating company” exclusion. While not material to $MSTR, the proposal is misguided, flawed, and conflicts with established securities laws and accounting principles. Read our letter and share your support: https://t.co/Vup3T5TbvY

— Strategy (@Strategy) August 31, 2026

This latest proposal follows a similar effort by MSCI in 2025, when it suggested excluding companies with digital-asset holdings amounting to 50% or more of total assets.

“MSCI’s continued effort to discriminate against digital assets is misguided and calls into question MSCI’s neutrality and reliability,” Strategy’s letter stated.

It continued: “The proposal, like the 2025 proposal that MSCI withdrew, is discriminatory, arbitrary, and misguided. If adopted, the proposal would have no meaningful impact on Strategy’s business, but it would profoundly harm MSCI’s reputation as a reliable and neutral index provider. Like the 2025 proposal, the current proposal should be withdrawn.”

Strategy maintained that MSCI is using novel definitions to classify bitcoin as a “non-operating” asset. The firm noted that it reports its bitcoin activities as an operating segment and records gains and losses from bitcoin as operating expenses.

The company also argued that MSCI’s criteria for identifying “non-operating companies” are “arbitrary and unexplained” and effectively serve to single out digital asset treasuries.

Strategy further contended that it is an operational business, employing 1,500 people worldwide and actively using its bitcoin holdings to “create shareholder value.”

Strategy, previously known as MicroStrategy, started as an enterprise software company before shifting its focus to buying and holding bitcoin in 2020. The initial purchase was aimed at protecting shareholder value, but the company has since accumulated the cryptocurrency aggressively, making it the largest corporate holder with 845,050 bitcoins valued at $65.8 billion based on current prices.

Investors can gain amplified exposure to bitcoin’s performance by purchasing Strategy’s Nasdaq-listed shares under the ticker MSTR.

MSTR ended Monday’s trading session 4% higher. So far this year, the stock has declined 15%.