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Strategy Inc. Battles MSCI Over Digital Asset Index Inclusion
12 Dec, 2025
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. 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.
Furthermore, Strategy Inc. warns that MSCI's proposed 50% threshold is arbitrary and could lead to index instability due to crypto volatility. The company also suggests the proposal conflicts with the U.S. administration's pro-innovation digital asset agenda, urging MSCI to reconsider its approach and maintain neutrality.
