MicroStrategy pushed again in opposition to Morgan Stanley Capital Worldwide’s (MSCI) proposal to take away Bitcoin-heavy firms from main fairness indexes, arguing the rule wrongly handled them like funding funds.
The response got here after JPMorgan warned that the transfer might set off billions in pressured promoting, placing Technique on the heart of a broader debate over how Bitcoin publicity ought to be managed in public markets.
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Technique Defends Its Working Mannequin
Technique (previously MicroStrategy) issued a press release on Wednesday arguing that MSCI’s proposal basically misrepresented how Bitcoin-heavy firms operated.
Within the 12-page letter signed by Govt Chairman Michael Saylor and President Phong Le, the agency maintained that it was an working enterprise that used its Bitcoin reserves to concern credit score devices and lift capital.
It argued that this method differed basically from a passive car designed to trace a single asset.
Technique has submitted its response to MSCI’s session on digital asset treasury firms. Index requirements ought to be impartial, constant, and reflective of world market evolution. Learn our letter and share your help: https://t.co/QVmKAkwRCP
— Technique (@Technique) December 10, 2025
“We urge MSCI to reject the proposal. It rests on a broad mischaracterization of DATs and would impose arbitrary, unworkable conditions that would stifle innovation, damage the reputation of MSCI’s indices, and conflict with national priorities,” it learn.
Technique additionally acknowledged that the proposed 50% digital-asset threshold was discriminatory. It argued that the rule singled it out whereas leaving equally concentrated sectors, comparable to oil or actual property, untouched.
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Session Places Bitcoin Treasuries at Threat
The controversy started in October, when MSCI launched a session on classify digital asset treasuries (DATs) inside its index methodology. The proposed 50% threshold instantly put Technique and different Bitcoin-focused companies beneath evaluation.
Response to MSCI Index Matter
Technique just isn’t a fund, not a belief, and never a holding firm. We’re a publicly traded working firm with a $500 million software program enterprise and a novel treasury technique that makes use of Bitcoin as productive capital.
This yr alone, we’ve accomplished…
— Michael Saylor (@saylor) November 21, 2025
In November, a JPMorgan evaluation estimated that Technique might face roughly $2.8 billion in forced-selling stress if MSCI have been to take away it alone, and probably as much as $8–9 billion if different suppliers adopted the identical method.
These projections fueled public concern and renewed consideration on how Bitcoin-treasury firms ought to be categorized throughout the index ecosystem.
For Technique, the implications prolonged past index eligibility.
Exclusion might scale back liquidity and lift the corporate’s value of capital. It might additionally slender the function of company treasuries as a pathway for buyers in search of oblique Bitcoin publicity.
For buyers extra broadly, the episode underscored a structural query about whether or not Bitcoin publicity ought to primarily reside inside regulated exchange-traded funds or live on by means of publicly traded firms that maintain digital belongings on their steadiness sheets.
MSCI’s session stays open by means of December 31, with market individuals intently watching because the index supplier weighs its last determination.
