Restricting passive index investment in Bitcoin today is like blocking investment in oil rigs in the 1900s, spectrum and cell towers in the 1980s, or compute and data centers in the 2000s. You don’t slow down foundational technology; you fuel it.” stated by Michael Saylor (@saylor)
The largest Bitcoin treasury firm in the world, Strategy, has formally asked MSCI to reconsider its plan to remove digital asset treasury firms (DATs) whose Bitcoin holdings account for more than half of their total assets.
Market predict that if MSCI proceeds, Strategy could suffer forced outflows of up to $2.8 billion, causing ripple effects throughout the digital asset sector.
The restriction could harm market fairness, affect the creation of global indexes, and deceive millions of investors who depend on MSCI benchmarks, the business warned, laying the groundwork for one of the most serious problems in the future of Bitcoin-driven corporate finance.
Strategy referred to the 50% criteria as “inflexible, discriminatory, and unworkable” in its formal response to the MSCI Equity Index Committee. The company stated that Bitcoin treasury companies are operating businesses rather than passive investment funds.
It points out that they actively use their digital assets to create financial products, produce returns, and spur innovation—much like the tech, telecom, and oil companies that once formed the foundation of previous economic eras.
Strategy claimed that although many conventional businesses, such as media behemoths, REITs, and energy companies, also own concentrated assets, they are not excluded from the index.
The proposed rule, according to the business, would cause instability by making DATs move in and out of MSCI indexes in response to changes in Bitcoin prices.
The U.S. government under President Trump accepted digital assets, encouraged Bitcoin investment, and started national projects like the Strategic Bitcoin Reserve, according to the letter, which also highlighted a policy clash.
This momentum would be undermined, and an industry that is rapidly growing would suffer if Bitcoin treasury companies were excluded from important indexes.
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