Strategy pushes back on MSCI's proposed screening rules for crypto treasury firms
Regulation & Gov ·
The company urges MSCI to withdraw a framework it says would unfairly single out digital asset treasury firms for index exclusion.
Strategy has formally objected to proposed rules from index provider MSCI that would apply new screening criteria to companies holding crypto as a primary balance-sheet asset, calling the framework "discriminatory" against digital asset treasury (DAT) firms, according to The Block. The company is urging MSCI to withdraw the proposal outright rather than revise it.
The dispute centers on how MSCI defines and treats companies whose corporate identity is built around accumulating Bitcoin or Ethereum rather than running a traditional operating business. A related characterization of the proposal frames it as targeting Digital Asset Trusts holding less than 50% operating assets, suggesting the screening threshold would hinge on how much of a company's balance sheet consists of crypto versus conventional business assets.
The mechanics of the DAT model make the stakes clear. These companies raise capital through at-the-market equity programs, convertible notes, and preferred shares, then funnel the proceeds into crypto purchases, aiming to grow the amount of Bitcoin or Ethereum backing each share over time, per Leviathan. Strategy itself popularized the approach, beginning Bitcoin purchases in August 2020 and accumulating over 500,000 BTC by mid-2026. Index inclusion matters to this model because it affects access to passive-fund demand and the equity premiums that make continued capital raises viable.
This is not the first signal on the issue: MSCI previously indicated it would not exclude digital asset treasury companies from its indexes, making the current proposed screening framework a shift from that earlier position. The broader DAT sector has already shown signs of strain independent of the index question, with treasury inflows falling to $1.32 billion in November, the weakest month of 2025, as Bitcoin-focused firms drove most of the inflows while Ether treasuries saw net outflows.
What remains unresolved is whether MSCI will alter or withdraw the proposed criteria, and how any final rule would define the operating-asset threshold that determines exclusion. Also unclear is which specific companies beyond Strategy would be affected if the framework proceeds, and how index-fund flows tied to DAT equities would respond to a formal exclusion.