Led by Executive Chairman Michael Saylor, the company opposes MSCI’s 50% threshold proposal, warning it could harm innovation and U.S. competitiveness.
Strategy (MSTR), led by Executive Chairman Michael Saylor, has formally opposed MSCI’s proposal to exclude companies holding digital assets totaling 50% or more of their assets from MSCI Global Investable Market Indexes. The firm argues digital asset treasury companies (DATs) are operating businesses using cryptocurrency as productive capital rather than passive investment vehicles. Strategy lists operational, legal, and tax reasons it should not be classified as an investment fund and highlights its bitcoin-backed credit instruments, active treasury management, and global analytics software operations. The company claims the threshold is arbitrary, noting other sectors hold concentrated reserves yet remain index-eligible, and warns exclusion could trigger billions in passive outflows, weaken American competitiveness, and slow financial technology growth. Strategy urges MSCI to extend consultations and provide more detailed justification.