Strategy, the Nasdaq-listed Bitcoin treasury company formerly known as MicroStrategy, has formally opposed Morgan Stanley Capital International's proposal to exclude it from the MSCI Global Investable Market Indexes. The move highlights growing tensions between traditional financial institutions and digital asset-focused businesses.
MSCI's Proposed Classification Changes
In a letter submitted Monday, Strategy founder Michael Saylor and CEO Phong Le criticized MSCI's consultation on defining "non-operating companies" and removing them from its indexes. The proposal would exclude companies like Strategy from indexes tracked by institutional investors, potentially affecting the visibility of Bitcoin treasury firms to traditional finance professionals.
This marks MSCI's second attempt to limit digital asset companies in its indexes. The firm previously proposed in 2025 to exclude companies whose digital asset holdings represent 50% or more of total assets, though that proposal was ultimately withdrawn.
Strategy's leadership called the current proposal "discriminatory, arbitrary, and misguided," arguing that MSCI is using unprecedented classifications to label Bitcoin holdings as "non-operating" assets. The company maintains it reports its Bitcoin business as an operating segment and related gains or losses as operating expenses under standard accounting principles.
Implications for Digital Asset Companies and Employment
Strategy emphasized its operational status, noting it employs 1,500 people globally across its enterprise software and Bitcoin treasury operations. The company argues it actively manages its Bitcoin holdings to create shareholder value, distinguishing it from passive investment vehicles.
The enterprise software company pivoted to Bitcoin treasury management in 2020 and now holds 845,050 bitcoins valued at approximately $65.8 billion. This business model has created numerous positions in treasury management, compliance, financial operations, and related fields within the digital asset sector.
While Strategy stated the exclusion would not materially impact its business operations, the broader implications could affect how institutional investors view employment opportunities at Bitcoin treasury companies. The debate underscores ongoing challenges for web3 professionals navigating the intersection of traditional finance and digital assets, particularly in roles involving institutional investment strategies and regulatory compliance.
