Strategy Opposes MSCI Proposal to Exclude Non-Operating Companies From Indexes

Strategy, the bitcoin treasury company formerly known as MicroStrategy, has sent a letter to MSCI opposing its proposal to remove “non-operating companies” from its global investable market indexes. The company said the proposal is misleading and flawed, and Strategy founders Michael Saylor and CEO Phong Le argued that it discriminates against digital asset companies and raises questions about MSCI’s impartiality and reliability as an index provider. According to ChainCatcher, MSCI said earlier this month that it is consulting on the definition of “non-operating companies” and plans to exclude such firms from its global investable market indexes. Strategy said this is the second time MSCI has advanced a similar proposal, after an earlier 2025 proposal was withdrawn. The company said it is an operating business with about 1,500 employees worldwide and reports its bitcoin business as an operating segment and bitcoin gains and losses as operating expenses. Strategy said it is currently the world’s largest corporate holder of bitcoin, with 845,050 bitcoins. MSTR closed up 4% on Monday and is down 15% year to date.