Strategy strongly opposes MSCI's proposal to exclude companies with digital asset holdings accounting for 50% or more of total assets (DATs) from the MSCI Global Investable Market Indexes. The core arguments are: DATs are operating companies, not investment funds; The 50% threshold for digital assets is discriminatory, arbitrary, and unfeasible; The proposal improperly injects policy considerations into index construction; The proposal contradicts U.S. policy and will stifle innovation;