Strategy is currently pushing back against a new proposal from MSCI that could exclude companies with significant bitcoin holdings from global equity indexes. The index provider’s latest plan introduces financial-ratio screens for what it classifies as non-operating companies.
Strategy maintains that digital assets are legitimate holdings and argues that index providers should stick to measuring market performance rather than dictating how public companies allocate their capital. The company asserts that it operates as a software business with active treasury operations and bitcoin-backed credit products, rather than a passive investment vehicle.
This dispute follows an earlier, similar attempt by MSCI to create specific exclusion criteria for digital assets. The current proposal would have impacted several companies, including Strategy and Metaplanet, had it been applied using May 2026 data. Strategy claims the arbitrary threshold mischaracterizes their business model and ignores the reality of modern corporate treasury management.
As the debate continues, the focus remains on whether index providers will maintain neutral standards or adopt policies that penalize companies for their choice of reserve assets. Strategy has stated that it does not require inclusion in these indices to validate its corporate strategy.