Strategy Pushes Back as MSCI Moves to Bar Crypto-Treasury Firms From Major Indexes

Michael Saylor’s company, Strategy, is facing growing pressure as it challenges MSCI’s plan to exclude crypto-treasury firms from major stock indexes. Strategy, which holds the world’s largest corporate Bitcoin reserve, warned that the proposal misjudges how digital-asset treasuries operate. More so, the plan risks distorting fair index standards.

Bitcoin Slump Adds Tension to Growing Dispute Between Strategy and MSCI

Strategy submitted its response after MSCI proposed removing companies whose balance sheets contain 50% or more in crypto. The company argued that digital-asset treasuries run active businesses and therefore should not be treated as passive investment vehicles.

By pointing to its Bitcoin-backed credit instruments, Strategy maintained that these firms build and manage commercial operations rather than simply holding crypto. The company also stated that MSCI’s plan would skew index policy against crypto as an asset class.

According to Strategy, MSCI already includes businesses centered on concentrated asset exposure. Examples include REITs, oil producers, and media holdings. Strategy added that financial firms frequently hold large pools of a single asset and create derivatives from those holdings, including mortgage-backed securities.

Many financial institutions primarily hold certain types of assets and then package and sell derivatives backed by those assets, like residential mortgage-backed securities.

Strategy

MSCI sees the issue differently, as described in its policy book. The index provider believes crypto-treasury companies resemble investment funds more than operating firms because of their dependence on volatile digital assets. MSCI also warned that crypto-heavy balance sheets lack consistent valuation methods, which could complicate index pricing.

These concerns have intensified as Bitcoin trades about 27% below its all-time high of $126,025. During the same period, Strategy’s stock has fallen more than 50% over the past year, according to market data.

Thin Liquidity Raises Stakes for MSCI’s Bitcoin Policy Overhaul

A Federal Reserve paper noted that crypto’s rapid price swings and common use of leverage can transmit stress into broader markets. For this reason, companies with substantial Bitcoin exposure may introduce added volatility into indexes that include them.

Key points shaping the policy discussion include:

• Inconsistent valuation standards for large corporate crypto holdings.
• Uncertain classification of crypto treasuries as operating companies or investment vehicles.
• Increased index volatility when member stocks track crypto price moves.
• Concentrated Bitcoin exposure during sharp market downturns.
• Risk of forced selling if firms adjust holdings to remain index-eligible.

MSCI’s rule change is expected to take effect in January. Strategy warned that the policy could prompt treasury companies to sell portions of their Bitcoin reserves to remain eligible for inclusion. The firm said that large sales could add new pressure to crypto markets at a time when liquidity remains thin.

Strategy’s own buying patterns have shifted. After purchasing 134,000 BTC in 2024, the company acquired only 130 BTC in December 2025. Its last major addition brought total holdings to 649,870 BTC, which later rose to 660,624 BTC. Remarks from CEO Phong Le—who stated that a Bitcoin sale would occur only as a “last resort”—added tension to an already fragile market mood.

Analysts remain divided, as some traders believe that Strategy’s reduced accumulation reflects caution about future price direction. Others point to the company’s financial position—more than $1.4 billion in cash and no debt maturing until 2027—as evidence that it has little reason to sell its more than $60 billion in Bitcoin.