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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.
Being classified as a passive vehicle rather than an operating company would strip Strategy of its place in indexes that collectively guide trillions of dollars in institutional capital allocation. Index funds tracking MSCI benchmarks would have been forced to sell their Strategy shares, creating significant downward pressure on the stock.
MSCI backs down, for now
On January 6, 2026, MSCI announced it would preserve the existing index treatment for companies on its preliminary DATCO list, including Strategy. The exclusion proposal was shelved.
MSCI did signal, however, that it would continue to scrutinize non-operating companies.
The bigger picture for Bitcoin treasury strategies
Strategy’s opposition wasn’t just about protecting its own stock price. The outcome has implications for every company that has adopted or is considering a Bitcoin treasury strategy.
The corporate Bitcoin treasury playbook, which Saylor essentially pioneered starting in 2020, has attracted a growing number of imitators. Companies convert cash reserves or raise capital specifically to acquire Bitcoin, betting that the asset’s long-term appreciation will outperform traditional treasury management. With 39 firms potentially affected by the MSCI proposal, the strategy has clearly moved beyond a single-company experiment.
Had MSCI followed through, it would have created a powerful disincentive for public companies to hold Bitcoin on their balance sheets. Index inclusion guarantees a baseline of institutional demand, improves liquidity, and lowers the cost of capital. Losing it over Bitcoin holdings would have forced boards to weigh the opportunity cost in stark terms.
By maintaining inclusion, MSCI effectively preserved the viability of the Bitcoin treasury model within traditional financial infrastructure.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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