A major player in the digital assets market — the company Strategy — has openly opposed MSCI's plans to tighten the rules for including issuers in global index baskets. In the official position I analyzed, the index provider's initiative is characterized as "discriminatory and arbitrary," which calls into question the very methodology for assessing corporate structure.
The Essence of the Conflict: The Business "Purity" Test
The proposed MSCI changes suggest that if less than half of a company's assets are not directly related to its core business profile, the issuer may be subject to additional scrutiny. In the worst case, it could be excluded from index lists, which automatically entails an outflow of institutional capital and pressure on quotations.
In a trial application of the new criteria, two notable entities came under fire: Strategy and Japan's Metaplanet. Both companies are known for their aggressive strategy of accumulating bitcoin in their treasuries, which, according to MSCI's logic, dilutes their "operational identity." SharpLink has also been added to the watchlist, indicating an expansion of the risk zone for those who diversify their balance sheets with crypto assets.
Significantly, MSCI is accepting feedback from market participants until September 30, with a final decision expected to be announced by October 16. This leaves a narrow window for lobbying and adjusting positions, but judging by Strategy's tone, the conflict could escalate into a prolonged public campaign against such regulatory innovations.
In my view, we are witnessing a fundamental shift here: classic index providers are trying to adapt to a new reality where bitcoin is becoming a significant part of corporate balance sheets. However, the proposed approach looks archaic — it punishes companies for strategic flexibility rather than financial risks. If MSCI does not revise its criteria, we could see a precedent where innovative issuers begin to deliberately avoid inclusion in indices, which would undermine the very idea of passive investing in the digital economy.