ChainCatcher report: Strategy (formerly MicroStrategy), a company holding Bitcoin, has sent a letter to MSCI opposing its proposal to exclude "non-operating companies" from the MSCI Global Investable Market Index, calling the proposal "misleading and flawed." In the letter, Strategy’s founder Michael Saylor and CEO Phong Le stated that MSCI’s proposal constitutes discrimination against digital asset companies and questioned MSCI’s impartiality and reliability as an index provider. Earlier this month, MSCI announced it was seeking public input on the definition of "non-operating companies" and planned to exclude such firms from its Global Investable Market Index. Strategy noted that this is MSCI’s second attempt to introduce a similar proposal, after its 2025 proposal was withdrawn. Strategy emphasized that it is an operating company, employing approximately 1,500 people globally, and reports its Bitcoin business as an operating segment with Bitcoin gains and losses classified as operating expenses. Strategy is currently the world’s largest corporate Bitcoin holder, with 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.
Strategy Opposes MSCI Proposal to Exclude Companies Holding Bitcoin
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Summary
Strategy, which holds 845,050 bitcoins valued at $65.8 billion, has opposed MSCI’s proposal to exclude companies holding digital assets from its indices, calling the plan misleading. The firm, which reports bitcoin activities as part of its expenses, argues that the move unfairly targets altcoins. MSCI is currently consulting on the definition of “non-operating companies,” a proposal it previously withdrew in 2025. MSTR shares rose 4% on Monday but are down 15% year-to-date. The Fear & Greed Index remains a key indicator of market sentiment amid the ongoing debate.
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