Strategy has formally asked global index provider MSCI Inc. to withdraw a proposed exclusion framework that would remove digital asset treasury firms, including Strategy, from the MSCI Global Investable Market Indexes, calling the plan misguided and a pretext for targeting companies that accumulate large digital-asset balances. The bitcoin-heavy firm argues the screen repackages a withdrawn 2025 concept aimed at issuers with majority digital-asset holdings and wrongly treats bitcoin as a non-operating asset, even though Strategy reports its bitcoin business as an operating segment and related gains and losses as operating items under U.S. GAAP and SEC guidance. MSCI’s August 2026 consultation would make certain buy-and-hold “non-operating” issuers ineligible for the Global Investable Markets Indexes; a May 2026 back-test of the MSCI ACWI IMI flagged Strategy, uranium holder Yellow Cake, and Metaplanet for deletion. Founder Michael Saylor urged MSCI to be “a mirror of the market, not an arbiter of it,” while CEO Phong Le said S&P, FTSE, Bloomberg, Nasdaq, and ICE broadly reflect the market and cast MSCI as going its own way relative to U.S. policy priorities and established securities-law and accounting frameworks. JPMorgan analysts have warned that an MSCI exclusion could trigger about $2.8 billion of MSTR fund liquidations and that follow-on moves by indexes such as LSEG’s Russell and Nasdaq could lift potential outflows toward nearly $9 billion, though Strategy says MSCI-linked funds represent only about 3% of shares outstanding—roughly 60% of one day’s trading volume. Digital asset treasuries collectively hold about $3 billion of crypto assets, down from more than $8 billion at the prior bull-market peak. Feedback runs through the end of September 2026, with MSCI expected to publish results by mid-October; any adopted change has been tied to the November 2026 Index Review, while other reporting cites effectiveness by December 1.