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Strategy challenges MSCI non-operating rules that could exclude bitcoin firm

MSCI’s revised proposal, using May 2026 data, would have removed Strategy and other bitcoin-related companies from the MSCI ACWI IMI, according to the firm’s filing and timeline.

Reported · Written up by our desk · Market Structure

Strategy, the bitcoin treasury company behind ticker MSTR, is pushing back against MSCI’s proposed methodology for identifying “non-operating companies,” arguing index providers should assess markets rather than decide what assets public companies are allowed to hold, CoinDesk reports.

The company says MSCI’s approach could exclude Strategy from MSCI’s global equity indexes. In its argument, Strategy criticized what it described as a repeat of MSCI’s earlier digital asset-specific plan and said the rules would unfairly penalize companies for holding bitcoin.

CoinDesk reports that MSCI’s latest consultation replaces an earlier proposal aimed at firms with significant digital asset holdings. Strategy said applying the new financial-ratio screen using May 2026 data would have resulted in the removal of Strategy, Metaplanet, and uranium holder Yellow Cake from the MSCI ACWI IMI.

The response follows Strategy’s formal objection in December 2025 to MSCI’s prior proposal, which would have excluded companies whose digital assets were at least 50% of total assets. Strategy argued at the time it is an operating company rather than an investment fund, and it urged MSCI to keep neutral index standards.

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