Strategy Urges MSCI to Drop Proposal Excluding Bitcoin-Holding Firms

Bitcoin-holding company Strategy (formerly MicroStrategy) has written to MSCI opposing its proposal to remove "non-operating companies" from global investable market indices, calling the proposal "misleading and flawed." In the letter, Strategy founder Michael Saylor and CEO Phong Le stated that MSCI's proposal discriminates against digital asset enterprises and questioned the firm's impartiality and reliability as an index provider. MSCI announced earlier this month that it is consulting on the definition of "non-operating companies" and plans to exclude such firms from its global investable market indices. Strategy noted this is the second time MSCI has proposed a similar plan, with a previous 2025 proposal having been withdrawn. Strategy emphasized that it is an operating company, employing approximately 1,500 people globally, and reports its bitcoin business as an operating segment and bitcoin gains and losses as operating expenses. Strategy is currently the world's largest corporate bitcoin holder, holding 845,050 BTC, valued at approximately $65.8 billion at current prices. MSTR closed up 4% on Monday but is down 15% year-to-date.