MSCI’s Proposal Targets Digital-Asset Treasury Companies
- MSCI proposed a new eligibility criterion for “non-operating” companies, potentially excluding digital-asset treasury companies from its Global Investable Market Indexes.
- Strategy claims that tracker funds hold only 3.1% of its outstanding common shares, amounting to approximately 13 million shares.
- This proposal marks MSCI’s second attempt to exclude digital-asset treasury companies, following a failed attempt in late 2025.
- Feedback on the proposal is accepted until Sept. 30, with results expected to be announced on Oct. 16.
- If approved, changes to index constituents could be announced on Nov. 11, taking effect on Dec. 1.
Strategy has opposed MSCI’s proposal, arguing it lacks clear definitions and undermines established accounting principles and securities laws.
The exclusion from MSCI indexes would not materially impact Strategy since tracker funds represent only 3.1% of its shares, equating to less than one day’s trading volume in MSTR.
