Strategy Inc. (NASDAQ:MSTR) is escalating its fight against MSCI's proposed 50% digital-asset threshold, arguing the rule would destabilize global index construction just as the stock trades nearly 60% below its peak.
Strategy Challenges MSCI's Treatment Of Bitcoin Treasury Firms
In a 12-page letter to the MSCI Equity Index Committee, Strategy said Bitcoin-treasury firms would "whipsaw on and off" major indexes as market prices shift, arguing the rule would generate uncertainty for providers and passive investors.
The firm also said MSCI's threshold ignores operational activity and relies on an arbitrary definition as more U.S. corporations expand digital-asset treasuries.
A central concern is inconsistent accounting.
Michalel Saylor’s Strategy noted that firms reporting under IFRS can keep Bitcoin (CRYPTO: BTC) at cost, while U.S. GAAP requires fair-value marks.
Two companies with identical exposure could therefore receive different index treatment based solely on jurisdiction, raising questions about comparability and neutrality.
Strategy Says Proposal Clashes With U.S. Crypto Policy
Strategy also framed the rule as at odds with federal initiatives promoting digital-asset innovation.
The company pointed to Trump administration efforts such as the Strategic Bitcoin Reserve and policies supporting technology-neutral treatment of digital-asset firms.
It argued that MSCI's test would effectively bar Bitcoin-reserve companies from gaining exposure to roughly $15 trillion in passive investment flows.
The firm warned that such exclusion risks "stifling innovation" at the corporate level and urged MSCI not to act on what it called a mischaracterization of Bitcoin-treasury businesses.
MSCI began reviewing its digital-asset treasury methodology in October.
Any changes would most directly affect Strategy, the largest public Bitcoin holder with more than 660,000 BTC, according to The Block.
Industry Pushback Builds Ahead Of January Deadline
A final decision is expected by January 15, 2026, ahead of the February rebalance.
JPMorgan (NYSE:JPM) estimated that Strategy could face about $2.8 billion in passive outflows if it is removed from major benchmarks.
The bank said the total could climb to $8.8 billion if other index providers adopt similar rules.
Other large Bitcoin-treasury firms, including Strive, voiced the same concerns about MSCI's proposal.
They suggested MSCI offer optional benchmark versions that exclude digital-asset treasuries for clients who prefer that model.
MSTR Chart Remains In A Firm Downtrend
Price Forecast of MSTR (Source: TradingView)
MSTR price continues to trade in a persistent downtrend nearly 60% below its 2025 highs, with price stuck under every major EMA.
Sellers remain in control as each bounce fails near the 20- and 50-day averages, keeping the stock capped by short-term pressure.
The share price is testing the prior support region around $185–$200.
A breakdown from this area may open a retest of the recent wick low near $165.
For buyers to shift momentum, MSTR would need to reclaim $212 and then challenge heavier resistance near $237.
Until those levels are cleared, rallies will likely fade inside the broader bearish structure.
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