Can Strategy's Strong Defense Prevent MSCI from Excluding Digital Asset Companies?

比推Published on 2025-12-11Last updated on 2025-12-11

Abstract

Global index provider MSCI has proposed excluding companies with digital assets exceeding 50% of their total assets from its global investable market indices, a move that could trigger significant capital outflows—estimated at up to $8.8 billion—from firms like MicroStrategy. In response, MicroStrategy submitted a detailed rebuttal, arguing that the proposal is discriminatory, operationally impractical, and undermines both investor interests and U.S. strategic goals for digital asset leadership. The company emphasized that digital asset treasuries (DATs) are active businesses, not passive funds, and should be treated like other single-asset-focused firms such as oil or REIT companies. MicroStrategy urged MSCI to withdraw the proposal or extend the consultation period. The outcome, expected by January 2026, could significantly impact the integration of digital asset firms into traditional financial markets.

Author: KarenZ, Foresight News

Original Title: Strategy Stands Firm Against MSCI: The Ultimate Defense of DAT

The博弈 surrounding the development of the Digital Asset Treasury (DAT) industry continues to intensify.

In October, global index provider MSCI proposed excluding companies with digital asset holdings accounting for 50% or more of their total assets from its Global Investable Market Indexes. This move directly threatens the market position of digital asset treasury companies like Strategy and could potentially redirect capital flows for the entire DAT sector.

According to data from Bitcoin for Corporations, 39 companies could be excluded from the MSCI Global Investable Market Indexes. J.P. Morgan analysts previously warned that the exclusion of Strategy alone could lead to nearly $2.8 billion in passive outflows. If other index providers follow suit with similar rules, outflows could reach as high as $8.8 billion.

The consultation period for this MSCI proposal will last until December 31, 2025, with a final decision expected by January 15, 2026. Any adjustments would be formally implemented during the index review in February 2026.

Facing this urgent situation, Strategy submitted a strongly worded 12-page public letter to the MSCI Equity Index Committee on December 10. Signed jointly by Executive Chairman and Founder Michael Saylor and President & CEO Phong Le, the letter clearly expressed firm opposition to the proposal. It stated bluntly: "This proposal is seriously misleading and will have far-reaching destructive consequences for the interests of global investors and the development of the digital asset industry. We strongly urge MSCI to completely withdraw this plan."

Strategy's Four Core Arguments

Digital Assets Are a Revolutionary Foundational Technology Reshaping the Financial System

Strategy argues that MSCI's proposal underestimates the strategic value of Bitcoin and other digital assets. Since Satoshi Nakamoto introduced Bitcoin 16 years ago, this digital asset has gradually grown into a key component of the global economy, with a current total market value of approximately $1.85 trillion.

In Strategy's view, digital assets are far more than simple financial instruments; they represent a fundamental technological innovation capable of reshaping the global financial system. Companies investing in Bitcoin-related infrastructure are building a new financial ecosystem, much like leading companies that deeply invested in single emerging technologies throughout history.

Just as Standard Oil in the 19th century focused on oil well extraction and AT&T in the 20th century全力 built telephone networks, these companies laid a solid foundation for subsequent economic transformations through前瞻性 investment in core infrastructure, ultimately becoming industry benchmarks. Strategy believes that companies focused on digital assets today are repeating this path of "technology pioneers" and should not be simply dismissed by traditional index rules.

DATs Are Operating Businesses, Not Passive Funds

This is the core argument of Strategy's defense — Digital Asset Treasury companies (DATs) are operating businesses with complete business models, not merely passive investment funds holding Bitcoin. Although Strategy currently holds over 600,000 Bitcoins, its core value does not rely solely on Bitcoin price fluctuations. Instead, it creates sustainable returns for shareholders by designing and launching unique "digital credit" instruments.

Specifically, Strategy issues "digital credit" instruments including various types of preferred stock with fixed dividend rates, floating dividend rates, different priority levels, and credit protection条款. It raises funds by selling these instruments and uses the proceeds to acquire more Bitcoin. As long as the long-term investment return on Bitcoin exceeds Strategy's dollar-denominated financing cost, it can generate stable收益 for shareholders and clients. Strategy emphasizes that this model of "active operation + asset appreciation" is fundamentally different from the passive management logic of traditional investment funds or ETFs and should be regarded as a normal operating business.

Simultaneously, Strategy raised a question in the letter: Why can oil giants, Real Estate Investment Trusts (REITs), timber companies, etc., concentrate their holdings in a single asset class without being classified as investment funds and excluded from indexes? Establishing special restrictions targeting only digital asset companies显然不符合 the principle of industry fairness.

The 50% Digital Asset Threshold is Arbitrary, Discriminatory, and Impractical

Strategy points out that MSCI's proposal employs a discriminatory standard. Many large companies in traditional industries also hold a single asset class高度集中 in their assets, including oil and gas companies, REITs, timber companies, and power infrastructure firms. Yet MSCI has set a special exclusion standard only for digital asset companies, constituting明显的 unfair treatment.

From an implementation feasibility perspective, the proposal also has serious issues. Due to the high volatility of digital asset prices, the same company could fluctuate in and out of MSCI indexes within days due to changes in asset value, causing market confusion. Furthermore, differences between accounting standards (the treatment of digital assets differs under US GAAP and international IFRS standards) will lead to differential treatment for companies with the same business model based on their place of registration.

Violates Index Neutrality Principle, Introduces Policy Bias

Strategy believes that MSCI's proposal is essentially a value judgment on a certain asset class, violating the basic principle that index providers should remain neutral. MSCI claims to markets and regulators that its indexes provide "exhaustive" coverage, aiming to reflect "the evolution of the underlying equity market," and should not "make judgments about the goodness or appropriateness of any market, company, strategy, or investment."

By selectively excluding digital asset companies, MSCI is effectively making a policy judgment on behalf of the market, which is precisely what index providers should avoid.

Contradicts US Digital Asset Strategy

Strategy特别强调 that this proposal conflicts with the strategic goals of the Trump administration to advance US leadership in digital assets. The Trump administration signed an executive order in its first week to promote growth in digital financial technology and established a strategic Bitcoin reserve, aiming to make the US the global leader in the digital asset space.

However, if MSCI's proposal is implemented, it would directly prevent long-term US capital, such as pensions and 401(k) plans, from investing in digital asset companies, leading to tens of billions of dollars flowing out of the industry. This would not only hinder the development of US digital asset innovation companies but could also weaken US competitiveness in this strategic field, running counter to the government's stated policy direction.

Strategy cited analyst estimates suggesting that Strategy alone could face up to $2.8 billion in passive stock liquidation due to MSCI's proposal. This would not only harm Strategy itself but also create a chilling effect across the entire digital asset ecosystem. For example, it might force Bitcoin mining companies to sell assets prematurely to adjust their asset structure, thereby distorting the normal supply and demand dynamics of the digital asset market.

Strategy's Ultimate Demands

Strategy made two key demands in the public letter:

First, it hopes MSCI will completely withdraw the exclusion proposal, allowing the market to test the value of Digital Asset Treasury companies (DATs) through free competition, enabling indexes to neutrally and faithfully reflect the development trends of next-generation financial technology.

Second, if MSCI still insists on "special treatment" for digital asset companies, it must expand the scope of industry consultation, extend the consultation period, and provide more substantial logical support to explain the rationality of the rules.

Strategy Is Not Fighting Alone

Strategy is not fighting alone. According to data from BitcoinTreasuries.NET, as of December 11, 208 publicly listed companies globally hold over 1.07 million Bitcoins, exceeding 5% of Bitcoin's total supply, with a current value of approximately $100 billion.

Source: BitcoinTreasuries.NET

These digital asset treasury companies have become important bridges for institutional adoption of cryptocurrency, providing compliant indirect exposure for traditional financial institutions like pension funds and endowments.

Previously, Strive, a Bitcoin-holding public company, suggested that MSCI should leave the "choice" regarding digital asset companies to the market. A simple and direct solution would be to create "ex-Digital Asset Treasury" versions of existing indexes, such as the MSCI USA ex Digital Asset Treasuries Index and the MSCI ACWI ex Digital Asset Treasuries Index. A transparent screening mechanism would allow investors to choose their tracking benchmark independently, preserving index integrity while meeting the needs of different investors.

Additionally, the industry organization Bitcoin for Corporations has launched a joint initiative calling on MSCI to withdraw this digital asset proposal. It advocates that classification should be based on a company's actual business model, financial performance, and operational characteristics, rather than simply drawing a line based on asset比例. According to the organization's website, 309 companies or investors have currently signed the joint letter. Signatories, besides Strategy, include executives from industry-known companies like Strive, BitGo, Redwood Digital Group, 21MIL, Btc inc, DeFi Development Corp, as well as numerous individual developers and investors.

Summary

The standoff between Strategy and MSCI is essentially a fundamental debate about "how emerging financial innovations integrate into the traditional system." Digital Asset Treasury companies (DATs), as "cross-border" entities between traditional finance and the cryptocurrency world, are neither pure tech companies nor simple investment funds, but represent a new business model built upon digital assets.

MSCI's proposal attempts to use a "50% asset threshold" to classify these complex entities as "investment funds" and exclude them from indexes. Strategy insists that this simplified treatment is a serious misunderstanding of their business essence and a departure from the principle of index neutrality. As the January 15, 2026 decision date approaches, the outcome of this博弈 will not only determine the index "eligibility" of many Bitcoin-holding listed companies but will also delineate the crucial "survival boundaries" for the future position of the digital asset industry within the global traditional financial system.

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Its operational model is built around several key features: Human-like Computer Interaction: The framework offers advanced AI planning, striving to make interactions with computers more intuitive. By mimicking human behaviour in tasks execution, it promises to elevate user experiences. Narrative Memory: Employed to leverage high-level experiences, Agent S utilises narrative memory to keep track of task histories, thereby enhancing its decision-making processes. Episodic Memory: This feature provides users with step-by-step guidance, allowing the framework to offer contextual support as tasks unfold. Support for OpenACI: With the ability to run locally, Agent S allows users to maintain control over their interactions and workflows, aligning with the decentralised ethos of Web3. Easy Integration with External APIs: Its versatility and compatibility with various AI platforms ensure that Agent S can fit seamlessly into existing technological ecosystems, making it an appealing choice for developers and organisations. These functionalities collectively contribute to Agent S's unique position within the crypto space, as it automates complex, multi-step tasks with minimal human intervention. As the project evolves, its potential applications in Web3 could redefine how digital interactions unfold. Timeline of Agent S The development and milestones of Agent S can be encapsulated in a timeline that highlights its significant events: September 27, 2024: The concept of Agent S was launched in a comprehensive research paper titled “An Open Agentic Framework that Uses Computers Like a Human,” showcasing the groundwork for the project. October 10, 2024: The research paper was made publicly available on arXiv, offering an in-depth exploration of the framework and its performance evaluation based on the OSWorld benchmark. October 12, 2024: A video presentation was released, providing a visual insight into the capabilities and features of Agent S, further engaging potential users and investors. These markers in the timeline not only illustrate the progress of Agent S but also indicate its commitment to transparency and community engagement. Key Points About Agent S As the Agent S framework continues to evolve, several key attributes stand out, underscoring its innovative nature and potential: Innovative Framework: Designed to provide an intuitive use of computers akin to human interaction, Agent S brings a novel approach to task automation. Autonomous Interaction: The ability to interact autonomously with computers through GUI signifies a leap towards more intelligent and efficient computing solutions. Complex Task Automation: With its robust methodology, it can automate complex, multi-step tasks, making processes faster and less error-prone. Continuous Improvement: The learning mechanisms enable Agent S to improve from past experiences, continually enhancing its performance and efficacy. Versatility: Its adaptability across different operating environments like OSWorld and WindowsAgentArena ensures that it can serve a broad range of applications. As Agent S positions itself in the Web3 and crypto landscape, its potential to enhance interaction capabilities and automate processes signifies a significant advancement in AI technologies. Through its innovative framework, Agent S exemplifies the future of digital interactions, promising a more seamless and efficient experience for users across various industries. Conclusion Agent S represents a bold leap forward in the marriage of AI and Web3, with the capacity to redefine how we interact with technology. While still in its early stages, the possibilities for its application are vast and compelling. Through its comprehensive framework addressing critical challenges, Agent S aims to bring autonomous interactions to the forefront of the digital experience. As we move deeper into the realms of cryptocurrency and decentralisation, projects like Agent S will undoubtedly play a crucial role in shaping the future of technology and human-computer collaboration.

739 Total ViewsPublished 2025.01.14Updated 2025.01.14

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