CoinDesk
Strategy (MSTR) publicly pushed back against MSCI's proposed methodology for flagging 'non-operating companies,' a framework that could eject the largest bitcoin treasury company from the index provider's global equity benchmarks. On X, the company argued that 'index providers should measure markets, not decide which assets companies are allowed to own,' calling MSCI's plan 'out of step with regulators, markets, and its own customers.' Applying the new financial-ratio screen to May 2026 data would have also removed Japan's Metaplanet and uranium-holder Yellow Cake from the MSCI ACWI IMI.
Why it matters
Strategy's response is the second front in a year-long fight over index governance. The company filed a formal objection in December 2025 to MSCI's earlier digital-asset-specific proposal, which would have excluded any company whose digital assets represented at least 50% of total assets. The new 'non-operating company' language broadens the gate, applying a financial-ratio screen that could capture any treasury-heavy public company, not just crypto holders. Strategy's counter leans operational: it points to its software business, active treasury operations, and bitcoin-backed credit instruments as evidence it is a working company, not a passive bitcoin fund.
Market impact
MSTR was lower by 4.3% on Friday as bitcoin dipped to $62,600, with the index-exclusion overhang adding a second headwind on top of the price action. An MSCI removal would force passive funds benchmarked to the ACWI IMI and other global indexes to sell MSTR shares regardless of fundamental view, and the same dynamic would hit Metaplanet and Yellow Cake if the rule sticks. The dispute is also the clearest signal yet that index governance has become a regulatory venue for crypto policy, with companies now forced to defend their treasury composition in index consultations rather than in securities filings.
Frequently asked questions
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What did Strategy say about MSCI's proposed rules?
Strategy called MSCI's 'non-operating company' proposal 'out of step with regulators, markets, and its own customers,' arguing that index providers should measure markets rather than dictate which assets public companies are allowed to own.
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Which companies would MSCI's new methodology remove?
Applying the proposed financial-ratio screen to May 2026 data would have removed Strategy, Japan's Metaplanet, and uranium holder Yellow Cake from the MSCI ACWI IMI.
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How does this proposal differ from MSCI's earlier digital-asset rule?
The earlier 2025 proposal specifically targeted companies whose digital assets made up at least 50% of total assets. The new 'non-operating company' framework uses a broader financial-ratio screen that could capture any treasury-heavy public company, not just crypto holders.
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Why does Strategy argue it should not be a 'non-operating company'?
Strategy points to its software business, active treasury operations, and bitcoin-backed credit instruments as evidence it is a working company, not a passive bitcoin fund or investment vehicle.
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What happens if MSCI drops Strategy from its indexes?
An exclusion would force passive funds benchmarked to the MSCI ACWI IMI and other global indexes to sell MSTR shares regardless of their fundamental view on the company, compounding the price pressure MSTR already faces.
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