Nashville, TN, USA — December 16, 2025 — Nashville, TN — December 16, 2025 — Bitcoin for Corporations (BFC), in coordination with its member companies and other affected public organizations, today announced that its coalition opposing MSCI’s proposed ≥50% digital-asset exclusion has surpassed 1000 signatories.
The coalition includes Strategy (NASDAQ: MSTR), the world’s first and largest Bitcoin treasury company led by Executive Chairman Michael Saylor; Strive Asset Management (NASDAQ: ASST), co-founded by Vivek Ramaswamy and the 14th-largest corporate Bitcoin holder; Metaplanet (TYO: 3350), Japan’s leading Bitcoin treasury company; and hundreds of individual and institutional investors who rely on neutral market benchmarks.
Under MSCI’s proposal, listed operating companies would be excluded from the MSCI Global Investable Market Indexes if digital assets represent 50% or more of total assets and their primary business is characterized as digital asset treasury activity. The rule would apply only to digital assets—not to companies with concentrated exposure to real estate, commodities, or cash.
“MSCI has long defined companies by their operations—their products, customers, and revenue—not by a single balance-sheet asset,” said George Mekhail, Managing Director of Bitcoin for Corporations. “The breadth of this coalition—from Strategy to Strive to Metaplanet to hundreds of individual investors—demonstrates how misguided this proposal is. A shareholder-approved treasury strategy should not erase a company from global equity benchmarks.”
Strategy: DATs Are Operating Companies, Not Investment Funds
In its formal submission to MSCI, Strategy called the proposal “misguided” and the 50% threshold “discriminatory, arbitrary, and unworkable.” The letter, signed by Michael Saylor and CEO Phong Le, emphasized that Digital Asset Treasury Companies are operating businesses that actively use Bitcoin to create shareholder returns—not passive investment vehicles.
Strategy’s submission stressed that high asset concentration has never been grounds for index exclusion. REITs, oil producers, and timber companies have long maintained concentrated balance sheets while remaining eligible for MSCI indices. The company warned that applying a “fund-like” label solely to digital asset treasuries would break with decades of precedent.
Strive: Proposal Violates Index Neutrality
Strive Asset Management submitted a seven-page letter to MSCI CEO Henry Fernandez warning that the proposal violates “the long-established principle of index neutrality.” Strive, which holds over 7,500 BTC, argued that indexes should reflect market realities rather than impose subjective judgments on treasury strategies.
Strive Chief Investment Officer Ben Werkman cautioned that the rule “would penalize U.S. markets in favor of international markets” due to differences between U.S. GAAP and IFRS accounting treatment. The firm urged MSCI to offer optional “ex-digital-asset treasury” index variants—similar to existing screens for energy and tobacco—rather than redefining eligibility for broad benchmarks.
What’s at Stake
JPMorgan analysts estimate that exclusion from MSCI indices could trigger up to $2.8 billion in passive outflows from Strategy alone. If other index providers follow suit, total outflows could reach $8.8 billion. Beyond immediate market impacts, the coalition warns that exclusions could discourage capital formation and innovation at exactly the moment when major economies are competing for leadership in digital asset technologies.
The Coalition’s Formal Request
Bitcoin for Corporations and its member companies are formally requesting that MSCI:
- Withdraw the proposed ≥50% digital-asset exclusion;
- Preserve the operations-based definition of “primary business”;
- Adhere to regulatory standards distinguishing operating companies from investment funds;
- Maintain asset-class neutrality in index construction; and
- Engage with market participants on a business-aligned classification framework.
Organizations and individual investors may review the full coalition position letter and add their signatures at: http://msci.bitcoinforcorporations.com/
Resources
Coalition Petition: msci.bitcoinforcorporations.com
Strategy’s Letter to MSCI: View PDF
Strive’s Letter to MSCI: strive.com
Coalition Petition: msci.bitcoinforcorporations.com
Strategy’s Letter to MSCI: View PDF
Strive’s Letter to MSCI: strive.com
About Bitcoin for Corporations
Bitcoin for Corporations (BFC) is an industry initiative convening public companies, corporate treasurers, and institutional investors to advance responsible corporate adoption of Bitcoin and digital assets. BFC advocates for neutral market infrastructure and equal treatment of digital asset treasury strategies within the global financial system.
