What is Strategy Inc.'s main argument against MSCI's proposal?

Strategy Inc. argues that Digital Asset Treasury Companies (DATs) are operating businesses, not passive investment funds, and should not be excluded from indexes.

Why does MSCI want to exclude Digital Asset Treasury Companies?

MSCI has proposed excluding companies whose digital asset holdings represent 50% or more of total assets from its Global Investable Market Indexes.

How could MSCI's proposal impact U.S. leadership in digital assets?

Strategy Inc. believes excluding DATs would harm capital markets, stifle innovation, and undermine the U.S.'s leadership position in the burgeoning digital asset sector.

Home / Business and Economy / Strategy Inc. Battles MSCI Over Digital Asset Index Inclusion

Strategy Inc. Battles MSCI Over Digital Asset Index Inclusion

12 Dec, 2025

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Summary

Strategy Inc. argues MSCI's proposed 50% digital asset threshold is discriminatory.
Company states DATs are operating businesses, not passive investment funds.
Strategy warns of index instability and conflict with US digital asset strategy.

Strategy Inc. Battles MSCI Over Digital Asset Index Inclusion

Strategy Inc. has submitted a strong response to MSCI's proposal to exclude companies with over 50% digital assets from its Global Investable Market Indexes. The world's largest Bitcoin treasury company asserts that this move is "misguided" and would inflict "profoundly harmful consequences" on capital markets and innovation.

The core of Strategy's argument is that Digital Asset Treasury Companies (DATs) are active operating businesses, not passive investment funds. The company draws parallels to traditional firms like banks and insurers, which are not treated as funds despite concentrated asset holdings. Strategy contends that singling out digital-asset-heavy balance sheets is discriminatory and inconsistent.