Michael Saylor’s Strategy Leads Pushback Against MSCI Bitcoin Exclusion Rule

• Strategy and over 1,000 investors are opposing an MSCI proposal that would exclude companies with heavy Bitcoin exposure from global equity indices.
• The coalition argues the rule unfairly targets digital asset treasuries while allowing similar concentration in other asset classes.
• Analysts warn the change could trigger billions in passive fund outflows and reshape how Bitcoin-holding firms access capital markets.

A coalition of more than 1,000 companies and investors, led by Michael Saylor’s Strategy and backed by several major Bitcoin-holding firms, has mounted a formal challenge against MSCI’s proposed rule that could exclude certain companies from its global equity indices based on their digital asset exposure.

The opposition, coordinated by industry group Bitcoin for Corporations, argues that MSCI’s plan to bar listed operating companies from its Global Investable Market Indexes if digital assets account for 50 percent or more of total assets would unfairly single out Bitcoin-focused treasury strategies. The proposal would apply only to digital assets, not to firms with similarly concentrated exposure to commodities, real estate, or cash.

Strategy, the largest corporate holder of Bitcoin, submitted a formal objection describing the threshold as “discriminatory, arbitrary, and unworkable.” It warned that it would redefine operating companies as investment funds based solely on balance sheet composition rather than business activity.

Adding that shareholder-approved treasury strategies should not result in exclusion from benchmark indices, Bitcoin for Corporations’ managing director, George Mekhail, said:

“MSCI has long defined companies by their operations, not by a single balance-sheet asset.”

The coalition includes firms such as Strive Asset Management, co-founded by Vivek Ramaswamy, and Japan-based Metaplanet, alongside hundreds of institutional and individual investors. In its submission, Strive warned that the rule could undermine index neutrality and distort capital flows, particularly given differences between U.S. and international accounting standards.

According to estimates cited by the coalition, exclusion from MSCI indices could trigger up to $2.8 billion in passive outflows from Strategy alone, with broader spillover effects if other index providers adopt similar criteria.

MSCI’s consultation period remains open until December 31, with a final decision expected in mid-January 2026.

Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by the Editorial Team.

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