As the largest Bitcoin treasury company, Strategy submitted feedback to the index company MSCI on Wednesday, expressing its position regarding a proposed policy change that would exclude digital asset treasury companies holding 50% or more cryptocurrency on their balance sheets from being included in stock market indices.
The letter pointed out that digital asset treasury companies are operational entities capable of actively adjusting their business, using Strategy's Bitcoin-backed credit instruments as an example.
The company stated in the letter that the proposed policy change would lead MSCI to develop a bias against the cryptocurrency asset class, rather than maintaining its role as a neutral arbiter.
According to Strategy, MSCI has not excluded other types of businesses that invest in a single asset class, including Real Estate Investment Trusts (REITs), oil companies, and media portfolios. The letter noted:
The letter also emphasized that implementing this change would "undermine" President Trump's goal of making the United States a global leader in cryptocurrency. However, critics argue that including crypto treasury companies in global indices would bring various risks.
MSCI pointed out that crypto treasury companies exhibit characteristics of investment funds rather than operational companies that produce goods and services.
The index company also highlighted that companies capitalized with cryptocurrency lack a clear and unified valuation method, making appropriate accounting treatment a challenge and potentially distorting index values.
As of the time of publication, Strategy holds 660,624 BTC on its balance sheet. According to Yahoo Finance data, the company's stock has lost over 50% of its value in the past year.
Bitcoin (BTC) has also fallen 15% from its trading price of over $109,000 at the beginning of 2025, indicating that the underlying asset has performed better than equity-wrapped instruments.
A report from the Federal Reserve noted that the high volatility of cryptocurrencies could increase the index volatility of these companies or create correlation risks, causing index performance to directly reflect cryptocurrency market trends.
The Federal Reserve stated in the report that crypto traders "generally use" leverage, amplifying volatility and increasing the vulnerability of cryptocurrency as an asset class.
The proposed policy change by MSCI is set to take effect in January, which may prompt treasury companies to sell off their crypto asset holdings to meet the new eligibility criteria for index inclusion, thereby adding additional selling pressure to the digital asset market.
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Original: “Strategy Responds to MSCI Letter, Presents Strong Arguments for Index Inclusion”
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