Strategy Urges MSCI to Withdraw ‘Discriminatory’ Index Rule

MSCI’s Global Investable Market Indexes are widely tracked benchmarks, making eligibility decisions consequential for passive fund flows. The index provider considered excluding digital asset treasury companies in 2025 when crypto holdings represented at least 50% of total assets, but dropped that plan in January 2026. It reopened the issue in August under a broader “non-operating company” framework, again putting Strategy, formerly MicroStrategy and the largest corporate Bitcoin treasury holder, at risk of removal.

Strategy Executive Chairman Michael Saylor and Chief Executive Phong Le urged MSCI in an Aug. 31 letter to withdraw the proposal, calling it “discriminatory, arbitrary, and misguided.” Companies with operating assets below 50% of total assets would face five financial-ratio tests, with four flags making them ineligible. A screen using May 2026 data identified Strategy, Metaplanet and uranium investor Yellow Cake for deletion, with float-adjusted market values of $23.93 billion, $654 million and $1.81 billion, respectively. Feedback closes Sept. 30, with results due Oct. 16.