Bitcoin treasury Strategy has said it “doesn’t need” Morgan Stanley Capital International after the index provider said it could remove the Bitcoin company from its Global Investable Market Indexes.
MSCI said in a consultation that it was consulting on a plan to define “Non-Operating Companies” and make them ineligible for its Global Investable Market Indexes (GIMI).
The removal of such companies would exclude companies like Strategy from indexes visible to a large pool of institutional investors. MSCI said it was weighing up the decision as Strategy is primarily known for holding a large amount of Bitcoin rather than running a traditional operating business.
Writing on X Friday, Strategy wrote: “Digital assets are assets. Index providers should measure markets, not decide which assets companies are allowed to own. MSCI’s proposal puts it out of step with regulators, markets, and its own customers.”
It added: “Bitcoin doesn’t need MSCI. Neither does Strategy.”
The consultation also included Japanese Bitcoin treasury Metaplanet, which trades on the Tokyo Stock Exchange, and uranium investment company Yellow Cake.
Based on financial filings as of May 2026, Strategy and Metaplanet already meet the criteria for removal under MSCI’s proposed rule.
If MSCI adopts the proposal as currently written and their financial profiles remain unchanged, both companies would be deleted from the MSCI ACWI IMI Index as part of the November 2026 Index Review, triggering forced selling by index-tracking funds and loss of future passive inflows.
MSCI is still gathering feedback on the proposal through September 30, and has explicitly said the consultation “may or may not result in changes to MSCI indexes” — meaning the rule could be modified, delayed, or dropped entirely based on responses from affected companies and market participants. Even if adopted, any changes to a company’s underlying financials before the review could also shift the result.
Nasdaq-listed Strategy — formerly MicroStrategy — started buying Bitcoin in August 2020 as a way to generate better returns for its shareholders during the COVID-19 pandemic.
It has since spent around $63.3 billion on Bitcoin and is the largest corporate holder of the asset. Investors can buy its shares to gain exposure to the leading cryptocurrency without having to buy and hold digital coins themselves.
Strategy spawned a long-list of copycat firms which have bought not only Bitcoin, but other cryptocurrencies to boost their stock prices.
Strategy’s stock (MSTR) was trading nearly 3% lower Friday at nearly $95 per share. MSTR year-to-date has dropped by nearly 40%.
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