### Strategy Inc. Challenges MSCI's Proposal to Exclude Digital Asset Treasury Companies - On December 10, 2025, Strategy Inc., the largest Bitcoin treasury company globally, formally opposed a proposal by MSCI (Morgan Stanley Capital International) to exclude firms holding digital assets that constitute 50% or more of their total assets from its equity indexes. This proposal, if enacted, could significantly impact the market presence of digital asset treasury companies (DATs) and potentially lead to substantial financial outflows from these firms [https://cryptorank.io/news/feed/19f7b-strategy-pushes-back-on-msci-crypto-treasury-proposal]. - The letter of opposition was signed by Executive Chairman Michael Saylor and CEO Phong Le, emphasizing the need for fair treatment of digital asset companies and warning of the negative consequences of such exclusions on market stability and innovation in the U.S. crypto sector [https://cryptorank.io/news/feed/06a74-strategy-calls-for-withdrawal-of-mscis-exclusion-plan-for-digital-asset-treasury-companies]. ### Structure of the Response to MSCI's Proposal 1. **Formal Opposition**: Strategy Inc. has submitted a detailed response to MSCI's consultation, arguing against the exclusion of DATs from key indexes [https://btctimes.com/strategy-submits-formal-response-to-msci-proposal-on-digital-asset-treasury-companies]. 2. **Concerns Over Market Impact**: The company warns that the proposed exclusion could lead to forced outflows of approximately $8.8 billion, which would stifle innovation in the U.S. crypto market [https://markets.businessinsider.com/news/stocks/strategy-fights-msci-exclusion-warning-that-8-8-billion-passive-outflows-would-stifle-u-s-crypto-innovation-1035635160]. 3. **Call for Consistent Criteria**: While supporting MSCI's efforts to establish consistent eligibility criteria, Strategy criticized the specific threshold for digital asset holdings as misguided [https://cryptorank.io/news/feed/06a74-strategy-calls-for-withdrawal-of-mscis-exclusion-plan-for-digital-asset-treasury-companies]. 4. **Potential Consequences**: The firm argues that the exclusion could distort global markets and negatively affect Bitcoin-driven companies, leading to broader economic implications [https://bitcoinethereumnews.com/bitcoin/strategy-challenges-msci-digital-asset-exclusion-threatening-bitcoin-treasury-firms]. ### Supporting Evidence and Data - **Financial Impact**: Strategy estimates that the exclusion could trigger passive outflows of **$8.8 billion**, which would significantly impact the liquidity and operational capabilities of affected companies [https://markets.businessinsider.com/news/stocks/strategy-fights-msci-exclusion-warning-that-8-8-billion-passive-outflows-would-stifle-u-s-crypto-innovation-1035635160]. - **Market Position**: As the largest Bitcoin treasury company, Strategy holds a pivotal role in the digital asset market, making its opposition to the MSCI proposal particularly significant [https://cryptorank.io/news/feed/19f7b-strategy-pushes-back-on-msci-crypto-treasury-proposal]. ### Summary of Findings 1. **Opposition to MSCI's Proposal**: Strategy Inc. has formally challenged MSCI's plan to exclude DATs from its indexes, citing potential negative impacts on the market and innovation. 2. **Financial Risks**: The proposed exclusion could lead to significant financial outflows, estimated at **$8.8 billion**, which would adversely affect the U.S. crypto landscape. 3. **Call for Fair Treatment**: While supporting the need for consistent eligibility criteria, Strategy argues that the specific thresholds proposed by MSCI are inappropriate and could lead to market distortions. 4. **Broader Implications**: The exclusion of digital asset treasury companies could have far-reaching consequences for the global market, particularly for Bitcoin-focused firms. In conclusion, Strategy Inc.'s formal response to MSCI highlights critical concerns regarding the exclusion of digital asset treasury companies, emphasizing the need for fair treatment and the potential risks associated with such a significant policy change [https://cryptorank.io/news/feed/19f7b-strategy-pushes-back-on-msci-crypto-treasury-proposal].