Strategy opposes MSCI proposal to exclude it from global indexes

Aug 31, 2026

Strategy, the world's largest corporate holder of Bitcoin, has formally opposed a proposal by Morgan Stanley Capital International (MSCI) to exclude "non-operating" companies from its Global Investable Market Indexes. In an August 31, 2026 letter, Strategy executives Michael Saylor and Phong Le criticized the plan as a discriminatory attempt to target digital asset treasuries. Strategy, which holds 845,050 bitcoins worth $65.8 billion, argues that its treasury is an operating segment.

MSCI index exclusion proposal

▪Morgan Stanley Capital International proposed a plan to define "non-operating companies" and make them ineligible for its Global Investable Market Indexes.
▪Morgan Stanley Capital International is accepting feedback on its index exclusion proposal until September 30, 2026, with plans to announce the results by October 16, 2026, and implement changes in December 2026.
▪A May 2026 simulation of the Morgan Stanley Capital International screening named Strategy, Metaplanet, and Yellow Cake for immediate deletion, and placed SharpLink on the watchlist.
▪Under the Morgan Stanley Capital International proposal, companies with operating assets lower than 50% of total assets would face five additional financial-ratio examinations, where triggering four flags renders them ineligible.

Strategy's formal opposition letter

▪Strategy requested that any new Morgan Stanley Capital International rule apply only to filings issued after the proposal is finalized and be accompanied by a published consultation record.
▪Strategy Executive Chairman Michael Saylor and CEO Phong Le sent a formal letter on August 31, 2026, opposing Morgan Stanley Capital International's proposal and calling for its withdrawal.
▪Strategy argued in its August 31, 2026 letter that the Morgan Stanley Capital International proposal would have no meaningful impact on Strategy's business but would harm the index provider's reputation.

Digital asset treasury discrimination claims

▪Strategy pointed out that the proposed Morgan Stanley Capital International test would spare other asset-heavy businesses like REITs, timber firms, and energy infrastructure companies while concentrating impact on digital asset treasuries.
▪Strategy accused Morgan Stanley Capital International of discriminating against digital asset businesses and using the proposal as a pretext to target digital asset treasury companies.
▪In 2025, Morgan Stanley Capital International proposed excluding companies whose digital-asset holdings represent 50% or more of total assets, but withdrew the proposal in January 2026 following industry backlash.

Operating versus non-operating asset definitions

▪Strategy argued it is an operating company that employs 1,500 people globally and actively uses its Bitcoin to create shareholder value.
▪Strategy reports its Bitcoin treasury as an operating segment and records related gains and losses as operating expenses after discussions with the Securities and Exchange Commission.
▪Strategy argued that "operating" and "non-operating" are undefined in U.S. GAAP, IFRS, or existing securities-law tests.

Strategy's Bitcoin holdings

▪Strategy announced on August 31, 2026, that it purchased 4,603 bitcoins during the preceding week at an average price of $80,318 per bitcoin, totaling $369.7 million.
▪Strategy is the largest corporate holder of cryptocurrency, holding 845,050 bitcoins valued at approximately $65.8 billion as of August 31, 2026.

MSTR stock performance

▪Strategy's Nasdaq-listed stock, trading under the ticker MSTR, closed over 4% higher on August 31, 2026, at $132.94.
▪As of August 31, 2026, Strategy's stock was down 15% year-to-date.