MicroStrategy calls Morgan Stanley’s index plan “discriminatory” as consultations continue

MicroStrategy has responded to Morgan Stanley Capital International’s (MSCI) proposal to remove companies that rely heavily on Bitcoin from major stock indexes, arguing that the rule would wrongly treat them like mutual funds.

The response came after JPMorgan warned the move could lead to billions of dollars in sales, putting the strategy at the center of a wider debate over how to manage bitcoin exposure in public markets.

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The strategy defends its operating model

Strategy (formerly known as MicroStrategy) released a statement on Wednesday arguing that… MSCI’s proposal is fundamentally wrong How businesses that rely heavily on Bitcoin operate.

In the 12-page letter he signed CEO Michael Saylor And the president Fong Lee, the company confirmed that it is an operating company that uses its Bitcoin reserves to issue credit instruments and raise capital.

I have argued that this approach is fundamentally different from passive compounds designed to trace a single origin.

Strategy presented its response to MSCI’s consultation on digital asset treasury companies. Index standards must be neutral, consistent and reflective of global market developments. Read our letter and share your support: https://t.co/QVmKakwRCP

— Strategy (@Strategy) December 10, 2025

“We urge MSCI to reject the proposal. It is based on a wide mischaracterization of the self-analyzed indicators, and imposes arbitrary and unworkable conditions that prevent innovation, damage the reputation of MSCI’s indicators, and conflict with national priorities,” says the report.

Strategy also said the proposed minimum of 50% for digital assets was discriminatory. He argued that the rule targeted the problem while leaving sectors with a similar focus, such as oil or real estate, untouched.

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The consultations put Bitcoin’s ties at risk

The controversy began in October, when MSCI launched a consultation on how… Digital Asset Taxonomy (DAT) Within the indicators methodology. Suggested limit of 50%, set immediately strategic And other companies focused on Bitcoin Under review.

Response to MSCI Index Matter

The strategy is not a fund, not a trust, and not a holding company. We are a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital.

Just this year, we finished…

– Michael Saylor (@saylor) November 21, 2025

In November, a JPMorgan analysis estimated that the Strategy could face almost 2.8 billion dollars in pressure from the forced sale if MSCI just removes it, It can reach up to $ 8-9 billion If other providers follow the same approach.

These expectations have caused public concern and renewed interest in… How to classify Bitcoin treasury companies Through the indicator system.

For Strateg, the ramifications extended beyond index eligibility.

A divestment can reduce liquidity and increase the company’s cost of capital. It could also restrict the role of corporate Treasuries as an avenue for investors seeking indirect exposure to Bitcoin.

For investors more broadly, the episode underscored a structural question about whether Bitcoin exposure should be primarily in… Exchange-traded funds Or does it continue through publicly traded companies that hold digital assets on their balance sheets?

MSCI’s consultations will remain open until December 31, with market investors watching closely as the index provider discusses its final decision.