Emre Yumlu 
Bitcoin-focused corporation Strategy has issued a detailed response to index provider MSCI, submitting a 12-page letter challenging a potential decision to remove the company from major MSCI indices. In the document, Strategy argues that such a move would inflict significant economic harm, contradict established U.S. policy positions, and rest on reasoning that lacks legal and operational soundness.
Not a Bitcoin Fund, but a Bitcoin-Driven Business Model
One of the key messages in the letter addresses what Strategy describes as a fundamental misunderstanding of its corporate structure. According to the company, MSCI’s classification implicitly treats Strategy as though it were a passive Bitcoin investment vehicle.
Strategy emphasizes that this characterization is inaccurate. Rather than holding Bitcoin as a passive asset, the company integrates it across a broad suite of financial activities, including collateral management, credit instruments, leverage products, and derivative-based operations. As a result, Strategy maintains that it should not be categorized alongside single-asset passive funds, nor evaluated using identical standards.
Why Target Only Bitcoin-Heavy Companies?
The document also sharply criticizes MSCI for what Strategy considers a selective and inconsistent approach. The company argues that the proposed index exclusion targets only firms whose operations are heavily tied to Bitcoin, while other businesses reliant on a single commodity or asset class remain unaffected.
Strategy notes that major corporations in sectors such as petroleum, real estate, or precious metals maintain substantial exposure to a single asset type, yet their index status remains unchanged. According to Strategy, this discrepancy reveals an arbitrary and discriminatory policy direction when it comes to Bitcoin-focused enterprises.
A Threat to MSCI’s Neutrality
Another prominent theme in the letter concerns MSCI’s role as a neutral and objective market indicator. Strategy warns that introducing Bitcoin-specific criteria could compromise the index provider’s impartiality and damage its credibility.
Creating tailored rules for one asset class, the company argues, implicitly signals a negative stance toward Bitcoin. Strategy maintains that such a precedent risks portraying MSCI as politically influenced rather than analytically grounded, in direct contrast to its mission of providing unbiased market benchmarks.
What Is MSCI?
MSCI (Morgan Stanley Capital International) is one of the world’s most influential index providers and is widely recognized for classifying markets into Developed, Emerging, and Frontier categories. The firm also constructs major global benchmarks such as the MSCI World, MSCI Emerging Markets, and MSCI USA indices.
These indices guide the allocation decisions of trillions of dollars across passive investment products, including ETFs, pension funds, and institutional portfolios. When a company is removed from an MSCI index, funds tracking that index are obligated to eliminate the firm from their holdings, often triggering significant market impact.
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