Strategy, the Nasdaq-listed Bitcoin treasury company, pushed back on August 14 against Morgan Stanley Capital International’s proposal to exclude large Bitcoin holders from its Global Investable Market Indexes.
The index provider is consulting on a rule that would classify companies holding substantial Bitcoin as “Non-Operating Companies” and make them ineligible for inclusion in MSCI’s indexes. Strategy, which has spent $63.3 billion accumulating Bitcoin since August 2020, already meets the removal criteria under MSCI’s proposed framework based on May 2026 financial filings.
In a statement posted on X, Strategy said: “Digital assets are assets. Index providers should measure markets, not decide which assets companies are allowed to own. MSCI’s proposal puts it out of step with regulators, markets, and its own customers. Bitcoin doesn’t need MSCI. Neither does Strategy.”
Removal from MSCI indexes would carry material consequences. The indexes are tracked by large pools of institutional capital. Index-tracking funds holding Strategy shares would face forced selling if the company were removed, and the company would lose exposure to future passive inflows tied to the indexes.
Strategy is the largest corporate holder of Bitcoin. The company began accumulating digital assets in August 2020 to generate better returns for shareholders during the COVID-19 pandemic. Investors can purchase Strategy shares as an alternative to holding Bitcoin directly.
MSCI’s consultation also covers Metaplanet, a Japanese Bitcoin treasury company that trades on the Tokyo Stock Exchange, and Yellow Cake, a uranium investment company. Both Strategy and Metaplanet already qualify for removal under the proposed criteria.
The consultation feedback deadline is September 30, 2026, with a potential Index Review removal date in November 2026. MSCI stated that the consultation “may or may not result in changes to MSCI indexes.”
Strategy’s stock price declined 3% on Friday and traded at $95 per share, part of a 40% year-to-date decline.
