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<h2 id="bitcoin-corporate-crypto-news">Bitcoin &amp; Corporate Crypto News</h2><p>Strategy has filed a formal objection to a proposal by MSCI that it says would effectively push digital asset treasury companies out of a major global index under the cover of neutral financial criteria.</p><p>The company sent a letter to MSCI on Aug. 31, signed by Executive Chairman Michael Saylor and CEO Phong Le, calling the index provider's consultation "discriminatory, arbitrary, and misguided" and demanding it be withdrawn. Strategy said adoption of the proposal would not affect its own operations but would compromise MSCI's standing as an impartial index provider.</p><h2 id="may-2026-simulation-named-strategy-for-immediate-removal">May 2026 Simulation Named Strategy for Immediate Removal</h2><p>The proposal at issue would require any company with operating assets below 50% of its total assets to pass five additional financial-ratio tests. A company that triggers at least four of those flags would be removed from the MSCI Global Investable Market Indexes. MSCI opened the consultation last month as an extension of a 2025 review into whether digital asset treasury firms belonged in its indices. That earlier review ended in January when MSCI chose not to exclude them, saying it would reassess its methodology.</p><p>When MSCI ran a simulation of the proposed screening in May 2026, Strategy, Metaplanet, and uranium company Yellow Cake came up for immediate deletion. SharpLink was flagged for the watchlist.</p><p>Strategy's letter challenged the screening’s foundational logic. It argued that "operating" and "non-operating" are not defined terms under US GAAP, IFRS, or existing securities law, meaning the test rests on criteria MSCI itself has not formally established. The company added that it reports its Bitcoin (BTC) treasury as an operating segment and books related gains and losses as operating expenses, a treatment it reached in consultation with the US Securities and Exchange Commission.</p><p>Related Article: Strategy Raises $2B in Stock Sales, Launches New Bitcoin-Focused Cash Pool</p><h2 id="strategy-says-asset-heavy-firms-in-other-sectors-would-be-spared">Strategy Says Asset-Heavy Firms in Other Sectors Would Be Spared</h2><p>Strategy also argued that real estate investment trusts, timber companies, and energy infrastructure firms, all of which carry large non-cash asset bases, would not be caught by the same screening. In its view, the test is structured in a way that singles out digital asset treasury companies rather than applying a consistent standard across comparable business models.</p><p>If MSCI moves ahead, Strategy asked that the rule apply only to filings made after the proposal is finalized, be anchored in recognized accounting or legal definitions, and be released alongside a full published consultation record. It also asked that MSCI set out objective criteria that distinguish operating from non-operating assets and activities.</p><p>MSCI's consultation closes Sept. 30, with a decision expected by Oct. 16. Any approved changes would come into force in December. Separately, on the same day the letter was published, Strategy disclosed it had bought 4,603 BTC the prior week at an average price of $80,318 per coin, lifting its total holdings to 845,050 BTC. MSTR shares closed up 4.42% that day at $132.94.</p>

Strategy Pushes Back on MSCI Index Proposal, Calls Screening Test 'Discriminatory'

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