Major American bitcoin holder Strategy has openly opposed a new proposal by international index provider MSCI, calling it "discriminatory and arbitrary." The proposal involves plans to tighten the criteria for including issuers in global index baskets, which could radically change the landscape of institutional investment in crypto assets.
The essence of the MSCI initiative is as follows: if less than half of a company's assets are not directly tied to its core business, it risks undergoing additional scrutiny. In the worst case, it could lose its place in the indices, which would automatically exclude it from the portfolios of the largest funds that track these benchmarks. This is a direct blow to companies that are actively accumulating bitcoin as a treasury reserve, since their balance sheets no longer conform to classic industry templates.
In a test application of the new criteria, Strategy and Japan's Metaplanet were flagged for exclusion—both companies are known for their aggressive strategy of accumulating the leading cryptocurrency. Analysts also added SharpLink to the watchlist, indicating a potential expansion of the risk zone. MSCI is accepting feedback from market participants until September 30, with a final decision expected to be announced by October 16—this deadline will be pivotal for the entire crypto industry.
In my view, this is not just a bureaucratic whim but a systemic challenge. If MSCI pushes these rules through, we will see a precedent where the regulatory logic of traditional finance begins to actively push digital assets out of "mainstream" investment products. This could trigger a wave of corporate strategy revisions, especially among companies that use bitcoin as a hedge against inflation. However, Strategy's response shows that major players are ready to fight for their positions, and the outcome of this confrontation will determine how flexible the indices of the future become—or how rigid their frameworks prove to be for innovation.