Strategy Challenges MSCI Proposal That Could Remove MSTR From Global Indexes

Strategy is pushing back against MSCI’s proposed methodology for classifying “non-operating companies,” warning that the changes could lead to MSTR being removed from the index provider’s global equity benchmarks.

The world’s largest corporate Bitcoin holder criticized the proposal in a post on X, arguing that index providers should remain neutral about the types of assets companies choose to hold.

“Digital assets are assets. Index providers should measure markets, not decide which assets companies are allowed to own,” Strategy said, adding that MSCI’s approach is increasingly disconnected from regulators, markets and customers.

MSCI’s latest consultation replaces an earlier proposal that specifically targeted companies holding significant amounts of digital assets. Under the revised methodology, MSCI would use financial ratios to determine whether a company should be considered non-operating and therefore potentially ineligible for certain indexes.

Had the proposed screening methodology been applied using May 2026 data, Strategy, Japanese Bitcoin treasury company Metaplanet and uranium investment company Yellow Cake would have been removed from the MSCI ACWI IMI.

The dispute extends a months-long disagreement between Strategy and MSCI over how Bitcoin treasury companies should be classified. In December 2025, Strategy formally opposed an earlier MSCI proposal that would have excluded companies if digital assets accounted for at least 50% of their total assets.

Strategy argued that such a threshold was arbitrary and maintained that it should be treated as an operating company rather than an investment fund or passive Bitcoin vehicle. The company pointed to its software operations, active Bitcoin treasury management and Bitcoin-backed credit instruments as evidence of its operating activities.

The latest MSCI proposal could have significant implications for Strategy and other digital asset treasury companies, as exclusion from major global indexes may affect institutional ownership and demand from index-tracking funds.

MSTR shares fell 4.3% on Friday as broader cryptocurrency markets weakened, with Bitcoin dropping to around $62,600.