Strategy, the company formerly known as MicroStrategy, pushed back hard against a proposal from index giant MSCI that would have kicked Bitcoin treasury companies out of its widely tracked global indexes. The proposal, which targeted firms holding more than 50% of their assets in digital assets, would have affected roughly 39 companies. Strategy, holding approximately 840,447 BTC (about 4% of Bitcoin’s total supply), was the most prominent name on that list.
MSCI ultimately decided not to proceed with the exclusion. Strategy’s stock rose as much as 7% on the news.
What MSCI proposed and why Strategy objected
MSCI issued its proposal on October 10, 2025, suggesting that companies classified as digital asset treasury companies, or DATCOs, should be removed from its Global Investable Market Indexes. The threshold was straightforward: if more than half your assets were digital assets as of September 30, 2025, you’d be shown the door.
Strategy, led by Executive Chairman Michael Saylor, saw it differently. The company submitted a formal opposition letter on December 10, 2025, arguing that it functions as a productive business that uses Bitcoin as operating capital rather than simply sitting on a pile of coins and waiting for the price to go up.
