Strategy, formerly known as MicroStrategy, has sent a letter to MSCI opposing a proposal that would remove "non-operating companies" from the MSCI Global Investable Market Indexes. In the letter, Strategy founder Michael Saylor and CEO Phong Le called the proposal "misleading and flawed" and said it discriminates against digital asset businesses. They also questioned MSCI’s fairness and reliability as an index provider. MSCI said earlier this month that it was seeking feedback on how "non-operating companies" should be defined and that it planned to exclude such firms from its global investable market indexes. Strategy said this was the second time MSCI had advanced a similar idea, noting that a 2025 proposal had already been withdrawn. The company argued that it should be treated as an operating business, saying it employs about 1,500 people worldwide and reports its bitcoin business as an operating segment, with bitcoin gains and losses recorded as operating expenses. Strategy currently holds 845,050 BTC, making it the world’s largest corporate bitcoin holder, with that position valued at about $65.8 billion at current prices. MSTR closed up 4% on Monday, though the stock remains down 15% year to date.
Strategy, formerly MicroStrategy, has sent a letter to MSCI objecting to a proposal that would remove "non-operating companies" from the MSCI Global Investable Market Indexes, calling the plan "misleading and flawed."
In the letter, Strategy founder Michael Saylor and CEO Phong Le said MSCI’s proposal discriminates against digital asset businesses and raised questions about the index provider’s fairness and reliability.
MSCI opened consultation on the definition earlier this month
MSCI said earlier this month that it was consulting on the definition of "non-operating companies" and planned to remove those companies from its global investable market indexes.
Strategy said this is the second time MSCI has put forward a similar proposal. An earlier 2025 proposal was withdrawn, according to the company.
Strategy says it is an operating company
Strategy said it is an operating company, employs about 1,500 people globally, and reports its bitcoin business as an operating segment, with bitcoin profit and loss treated as an operating expense.
The company is currently the world’s largest corporate holder of bitcoin, with 845,050 BTC worth about $65.8 billion at current prices.
MSTR closed up 4% on Monday, though it is still down 15% so far this year.
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