Nasdaq-listed Bitcoin treasury company Strive has challenged MSCI’s proposed index-exclusion framework for non-operating companies, arguing that its definition of business assets is unclear and could lead to inconsistent assessments. Strive, which now holds 26,355 BTC, says it uses Bitcoin in an active credit business and issues preferred shares designed to provide products with different risk and yield characteristics. The company has asked MSCI to clarify how such activities and assets would be treated under its revised methodology for determining index eligibility. MSCI withdrew an earlier proposal focused on companies whose digital assets exceeded 50% of total assets and later opened a consultation using multiple financial screens. The framework could affect firms including Strategy and Metaplanet, with consultation results expected to influence MSCI’s November 2026 index review.