"The Nasdaq-listed firm urged MSCI to rely on optional "ex-digital-asset treasury" index variants instead of redefining eligibility for broad benchmarks. These custom indexes already exist for sectors like energy and tobacco. Strive is the 14th-largest public corporate bitcoin holder, with more than 7,500 BTC on its balance sheet. Its executives argued that the proposal would "depart from index neutrality" and asked MSCI to "let the market decide" how bitcoin-heavy firms are treated."
"JPMorgan estimates MSCI's exclusion could trigger $2.8 billion in passive outflows from Strategy alone. If other index providers follow suit, the total could rise to $8.8 billion. Strive's letter criticized the 50% threshold as "unjustified, overbroad and unworkable." Many bitcoin treasury companies operate real businesses. These include AI data centers, structured finance, and cloud infrastructure. Miners such as MARA, Riot, Hut 8, and CleanSpark are pivoting into renting excess power and compute capacity."
MSCI proposed removing companies with bitcoin holdings exceeding 50% of total assets from major equity benchmarks. Companies report bitcoin differently under U.S. GAAP and IFRS, which could produce inconsistent results across jurisdictions. Strive urged MSCI to use optional 'ex-digital-asset treasury' index variants instead of changing eligibility for broad benchmarks. Strive holds more than 7,500 BTC and said the proposal would depart from index neutrality, asking MSCI to let the market decide. JPMorgan estimates MSCI's exclusion could cause $2.8 billion in passive outflows from Strategy alone and up to $8.8 billion if other providers follow. Strive called the 50% threshold unjustified and noted many bitcoin-holding companies operate real businesses and pivot services.
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