Strategy, the world's biggest digital asset treasury firm, formally opposed MSCI's latest proposal to exclude certain "non-operating asset" companies from the MSCI Global Investable Market Indexes, calling it a disguised effort to remove digital asset treasury firms from the indices.
In a Monday letter signed by Executive Chairman Michael Saylor and CEO Phong Le, the company said MSCI's consultation "is discriminatory, arbitrary, and misguided" and should be withdrawn.
"If adopted, the proposal would have no meaningful impact on Strategy's business, but it would profoundly harm MSCI's reputation as a reliable and neutral index provider," Strategy wrote in the letter.
Last month, the index provider opened a new consultation where companies that have operating assets lower than 50% of its total assets would be subject to five additional financial-ratio examinations. Triggering at least four flags would render the firm ineligible for the index listing.
This is an extension of MSCI's 2025 review of whether digital asset treasury firms should remain in its indices. Following industry backlash, MSCI decided in January not to exclude such firms and reevaluate their criteria.
