Michael Saylor and Strategy CEO Phong Le sent a letter to MSCI requesting that the index firm withdraw a proposed eligibility criterion that would remove the company from its global benchmark indices.
In the document, Saylor and Le describe the measure as “discriminatory, arbitrary, and misguided“, arguing that it serves as a pretext to exclude companies with digital asset treasuries and that it recycles a previous proposal, rejected by MSCI in January, that would have excluded companies with more than 50% of their assets in cryptocurrencies.
The consultation, opened in August, targets what MSCI calls “non-operating companies“. The criterion evaluates five financial ratios, and exceeding four of them disqualifies a company from inclusion in the indices.
According to MSCI’s own consultation, applied to the ACWI IMI index using May 2026 data, three companies would face removal: Strategy, with an adjusted market capitalization of $23.93 billion; uranium holding company Yellow Cake, with $1.81 billion; and Japanese firm Metaplanet, with $654 million.
The letter notes that Strategy represents approximately 87% of the market capitalization at stake among the six affected companies. Saylor also argues that, since Strategy reports its Bitcoin treasury operations as a separate operating segment in its 10-Q filing, the company would not trigger two of the five indicators under the proposed criterion.
Source: https://www.strategy.com/msci
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