Strive, described as the fifth-largest Bitcoin treasury, has urged MSCI to reject or revise its proposal to exclude crypto treasury companies from a global index. The firm called MSCI’s 2026 framework a "material improvement" over its 2025 proposal, which directly targeted crypto treasuries, but said the index provider still needs to define "operating assets" and establish a future qualification path. Strive argues that companies such as Strategy operate businesses because they use Bitcoin reserves and cash as inputs for digital credit products, apply ongoing financial and risk-management processes, and issue differentiated claims with varying payment and risk characteristics. Strategy’s preferred stocks, including STRC, STRF, STRK and STRD, pay dividends on bi-monthly and quarterly schedules, while a proposal would have the last four offer daily interest. Strive also said Strategy can sell Bitcoin to replenish cash reserves if shortfalls are anticipated, and that it follows a similar approach with more than $2 billion of Bitcoin reserves. TD Securities has made a similar case, saying the primary product is tailored Bitcoin-backed exposure rather than Bitcoin itself. MSCI considers companies that buy and hold assets, including crypto assets, to be non-operating companies. Its feedback period closes by the end of September, with final results planned for mid-October and an index rebalance by November if the changes are adopted.