Strategy Urges MSCI Not to Remove Its Shares From Key Index

Strategy Inc. has formally asked MSCI to drop its proposed rule change that could remove the company from major equity indexes — a decision that may trigger billions of dollars in passive outflows.

The letter, sent on December 10, 2025, via FedEx and email, responds to MSCI’s consultation on “Digital Asset Treasury Companies” (DATs). The proposal would make firms ineligible for inclusion in MSCI’s Global Investable Market Indexes if 50% or more of their assets are held in digital assets.

Strategy — the world’s largest publicly traded Bitcoin treasury — argues that the rule unfairly targets companies with significant digital-asset exposure and would cause “profoundly harmful consequences” for investors.

What Strategy Says

In the letter, Strategy states that MSCI’s proposed framework would exclude companies like itself, whose corporate strategy intentionally integrates large-scale Bitcoin holdings. The company says its digital-asset reserve, combined with its operational business, should not be grounds for disqualification.

“MSCI’s proposal to exclude companies whose balance sheets consist of more than 50% digital assets is misguided,” Strategy wrote, warning that such a move would distort investor access to a legitimate asset class.

Exclusion from MSCI’s indexes would force index funds and ETFs benchmarked to MSCI products to sell Strategy shares. Analysts estimate that the resulting mechanical outflows could reach several billions of dollars, depending on the final eligibility rules and index weightings.

MSCI’s decision is expected on January 15, 2026.

Industry Context

The debate reflects growing tension between traditional index methodologies and the rise of corporate Bitcoin treasuries. Strategy currently holds more than 660,000 BTC — roughly 3% of the total Bitcoin supply — making it the world’s largest listed Bitcoin reserve holder.

The company argues that excluding digital-asset-heavy firms would set a damaging precedent and reduce the representativeness of global equity benchmarks.

MSCI will review industry feedback before finalizing the rule. If the proposed threshold remains in place, Strategy and similar companies may be removed during the next rebalancing cycle.

MSCI has not yet commented publicly on Strategy's response.