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BTC How Strategy defends its Bitcoin position
Strategy has asked MSCI to withdraw its proposal to remove digital asset treasury companies from major indices. The company believes the plan duplicates a proposal made by MSCI in 2025 but ultimately withdrawn. Strategy said that under U.S. accounting standards, Bitcoin is reported as an operating segment rather than a passively held asset. Analysts at JPMorgan Chase have previously said removing these companies could trigger billions of dollars in outflows. The public feedback period on the proposal will last until the end of September, and if adopted, it may take effect on December 1.
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Strategy is the world's largest Bitcoin treasury company. This week, the company asked MSCI to withdraw its latest proposal that could remove Strategy and other digital asset treasury companies from major equity indexes.
MSCI is a global index provider. Many investment funds track their indices, so being excluded affects inflows into stocks.
Strategy called the plan misleading. The company listed four reasons for opposing the plan.
The first reason is that the proposal specifically targets digital asset treasury companies. Strategy believes that this is just a copy of the proposal MSCI withdrew in 2025, with different wording.
MSCI wants to eliminate companies it deems "non-operating". These companies mainly buy and hold assets rather than operate active businesses.
According to MSCI's plan, this would affect Strategy, Metaplanet and a company that holds uranium. The goal is to ensure that MSCI's Global Investable Markets Index focuses on companies with real business activity.
How Strategy defends its Bitcoin position
Strategy argues that the proposal violates U.S. accounting standards and securities laws. The company also said this violated MSCI's own commitment to market neutrality.
Strategy cites U.S. Generally Accepted Accounting Standards (GAAP) and guidance from the U.S. Securities and Exchange Commission (SEC). Under these rules, the company reports its Bitcoin positions as an operating segment.
Strategy founder Michael Saylor asked MSCI to be a mirror of the market rather than a judge of the market.
Phong Le, CEO of Strategy, said that other index providers, such as Standard & Poor's, FTSE Russell, Bloomberg, Nasdaq and Intercontinental Exchange, all truthfully reflect the current situation in the market. He noted that MSCI seems to be taking a different path.
What will happen if MSCI continues to move forward
Last year, JPMorgan analysts warned that MSCI's cull could lead to the liquidation of billions of dollars in funds linked to Strategy stocks.
These analysts also said that other indices, including the London Stock Exchange Group's Russell Index and Nasdaq, may follow in MSCI's footsteps. Outflows from all indices combined could be close to $9 billion.
Strategy downplays this risk. The company said funds that track the MSCI index hold about 3% of its outstanding shares, roughly equivalent to 60% of a single day's trading volume.
Digital Asset Treasury as a whole currently holds approximately US$3 billion in crypto assets. That's down from more than $8 billion at the peak of the previous bull market.
Analysts at JPMorgan said removing these companies from major indices could reduce trading liquidity. This could make these stocks less attractive to other investors over time.
The public feedback period on the MSCI proposal will last until the end of September. If approved, the change will take effect on December 1.
It is unclear how the digital asset treasury company will respond if the proposal goes forward as it is.
