Strategy Called MSCI’s Attempt to Remove Crypto Treasuries From Its Indexes Discriminatory

• MSCI has proposed a new eligibility criterion that could exclude “non-operating” companies from the Global Investable Market Indexes.
• Strategy believes the initiative effectively targets companies with digital asset treasuries.
• According to Strategy, funds tracking the MSCI GIMI indexes hold only 3.1% of the company’s shares outstanding.

Strategy spoke out against MSCI’s proposal to introduce a new eligibility criterion for “non-operating” companies in the Global Investable Market Indexes. The company believes this is merely a pretext to exclude crypto treasuries (DATs).

Notably, MSCI proposed changes to its benchmark construction methodology in mid-August 2026. This is already the second attempt to remove DATs from the indexes, with the previous one coming in late 2025, but it failed. 

The initiative could lead to Strategy being removed from the MSCI GIMI indexes. However, the company said the potential change would not have a material impact, since funds tracking these indexes hold only 3.1% of Strategy’s common shares outstanding.

The organization itself considers MSCI’s proposal misguided and urged the company to withdraw it.

In Strategy’s view, the initiative is effectively aimed at DATs. The company said MSCI is “repackaging” a previously withdrawn proposal to exclude companies whose assets are more than 50% cryptocurrency, but is using different wording to achieve the same outcome.

Strategy also noted that the terms “operating” and “non-operating” company are not defined in US GAAP (accounting standards), International Financial Reporting Standards, or any recognized legal framework. In the company’s view, this terminology may be designed to deliver a predetermined outcome.

The company emphasized that a potential exclusion of Strategy would run counter to established accounting principles and securities laws. Strategy said it reports its business as an operating segment in line with US GAAP and following discussions with staff at the US Securities and Exchange Commission (SEC).

Strategy also believes MSCI’s proposal injects its own political judgments into the index construction process. In the company’s view, this undermines the neutrality and reliability that MSCI’s clients rely on.

MSCI Consultation Timeline

MSCI announced the start of consultations on August 3. The feedback collection period will end on September 30.

The company is expected to announce the consultation results on October 16. If the proposal is approved, potential changes to the index constituents will be announced on November 11, and could take effect on December 1.

Strategy urged market participants to support its position and send a letter to MSCI.

The company added that around 13 million shares held by funds tracking the MSCI GIMI indexes account for less than one day’s MSTR trading volume.

Сообщение Strategy Called MSCI’s Attempt to Remove Crypto Treasuries From Its Indexes Discriminatory появились сначала на INCRYPTED.