Crypto ETF Issuer Bitwise Defends Michael Saylor’s Strategy, Urges MSCI Neutrality on DATs’ Inclusion

Crypto ETF issuer Bitwise has released a statement in support of digital asset treasuries (DATs), including Michael Saylor’s Strategy. The firm highlighted how the MSCI’s proposed exclusion of DATs makes the rule-based process more subjective and also puts investors at a disadvantage.

Bitwise Defends Strategy Over Proposed MSCI Exclusion Of DATs

In an X post, Bitwise expressed its disappointment with the MSCI’s proposed exclusion of Saylor’s company from its global indexes. The crypto ETF issuer remarked that the power of a great index lies in its neutrality, as it is meant to serve as “faithful reflections” of the market and not to assess the merits of certain business models, as in this case.

As CoinGape reported, the MSCI is considering a proposal to classify Strategy and other DATs that hold over 50% of their reserves in crypto, which would result in exclusion from MSCI’s indexes. Bitwise noted that, historically, indexes have rightly included companies with concentrated exposure to a single asset.

As such, it warned that the proposed exclusion of DATs risks inserting subjective eligibility criteria into what should be an “objective, rule-based process.” Notably, the proposed rule will apply only to DATs, raising concerns that the index operator is unfairly targeting the crypto industry.

Strategy CEO Phong Le had recently questioned MSCI’s neutrality, noting that companies like Chevron and Newmont, which hold most of their reserves in oil and gold, respectively, aren’t at risk of facing exclusion like DATs.

Why Saylor’s Company Is Not Just A Fund

Bitwise stated that it has firsthand seen the role that Saylor’s company plays in the modern economy. The crypto ETF issuer further opined that the company provides value to its shareholders by operating in ways that Bitcoin ETFs cannot.

Therefore, they are confident in the long-term success of Strategy’s Bitcoin operations. Bitwise also echoed the language in Strategy’s letter to MSCI, describing this level of scrutiny as “arbitrary” because it singles out digital assets and doesn’t apply to other global assets.

The firm claimed that this arbitrary rule disadvantages investors by removing their crypto exposure, especially to the flagship crypto. In line with this, Bitwise urged the MSCI to maintain the high standards that have made its indexes the benchmarks for the world and to allow its indexes to “reflect neutrally and faithfully the next era of financial technology.”

As CoinGape reported, there is currently a petition for the MSCI to withdraw its proposal on excluding DATs from its indexes. The petition has so far garnered 629 signatures in just over a day.

MSCI IS TARGETING $BTC AND DIGITAL ASSETS

This is arbitrary, capricious, and inconsistent with their own existing thresholds.

Indexes are supposed to be neutral, there’s nothing neutral about this. https://t.co/tumioN1kqu

— Adrian (@_Adrian) December 12, 2025