Strategy Inc. Responds to MSCI Proposal on Digital Asset Treasury Company Classification
Strategy Inc., the world's largest Bitcoin treasury company, submitted a formal response on December 10, 2025, to MSCI's consultation regarding the classification of Digital Asset Treasury Companies (DATs).
MSCI had proposed excluding from its Global Investable Market Indexes any company holding 50% or more of its total assets in digital assets. Strategy Executive Chairman Michael Saylor and CEO Phong Le signed the response letter.
Strategy argued that DATs are operating companies, not passive investment funds. They run Bitcoin-backed treasury and capital markets programs and issue equity and fixed-income instruments that provide Bitcoin exposure. The company noted that traditional firms such as oil majors, REITs, timber, and media companies also have high concentrations in a single asset type but are not excluded or treated as funds. They view excluding DATs as discriminatory and inconsistent.
Further, Strategy criticized the 50% asset threshold as arbitrary and unworkable, warning it risks index volatility due to crypto price fluctuations and differences in accounting standards (GAAP vs IFRS), which could undermine index stability and investor confidence. The letter accused MSCI of injecting policy judgments into index construction, threatening neutrality by categorizing certain business models as favorable or unfavorable.
Strategy also emphasized that the proposal conflicts with the U.S. administration's pro-innovation digital asset agenda, such as the Strategic Bitcoin Reserve and efforts to expand digital asset access in retirement plans. According to Strategy, the exclusion would limit passive capital inflows and harm U.S. competitiveness.
In conclusion, Strategy urged MSCI to reject the proposal or extend the consultation period for a longer review as digital asset treasury models mature, advocating for neutrality and outcomes driven by market forces.
