Are DATs Being Targeted? Strategy CEO Questions MSCI’s Proposed Exclusion From Global Indices

Strategy CEO Phong Le has raised the possibility that the MSCI may be unfairly targeting digital asset treasury companies with the proposed exclusion from global indices. This came as he noted that this proposal doesn’t apply to companies that hold other assets, such as oil, which accounts for most of their treasury reserves.

Strategy CEO Questions MSCI’s Neutrality Over Proposed DATs Exclusion

During an interview on the Schwab Network, Phong Le described it as “concerning” that indices meant to be neutral are incorporating policy considerations and opinions about digital-asset treasury companies. He compared this situation to the potential removal of companies like Chevron, which holds most of its assets in oil, or Newmont, the gold miner, which has most of its assets in gold.

However, none of these companies are facing potential exclusion from global indices, unlike digital asset treasury (DAT) companies such as Strategy. MSCI is proposing to exclude these DATs on the grounds that companies that hold over 50% of their assets in crypto are funds rather than businesses.

Phong Le described the MSCI’s position as misguided and misinformed, noting that Strategy has its day-to-day business and operates as a company. He added that they are “100%” an operating company, both from a legal and corporate structure standpoint.

The Strategy CEO also echoed a major point in the company’s letter to the MSCI, stating that the 50% threshold feels arbitrary and unworkable. The company noted in the letter that there is no way to implement the 50% rule “consistently or fairly,” as asset price swings and changes in the application of accounting principles can occur.

Strategy added that other factors relevant to balance-sheet accounting could lead to index instability as DATs move on and off MSCI’s indices. Meanwhile, Bitcoin advocate Adama Livingston has also raised the possibility that the MSCI is unfairly targeting DATs.

This came as he remarked that MSCI potentially discriminating against companies holding Bitcoin is just delaying the inevitable. Livingston also noted how Strategy’s challenge against the proposal is “tremendously important for Bitcoin adoption.”

Saylor Highlights Petition To Withdraw MSCI’s Proposed Rule

Strategy’s founder, Michael Saylor, drew attention to a petition by ‘Bitcoin for Corporations’ urging the MSCI to withdraw its proposal to exclude DATs from its global indices. The petition stated that this move simply reclassifies real operating companies as fund-like entities based only on asset mix rather than fundamentals. The petition has so far gotten 465 signatures.

A new MSCI rule would drop companies from indexes if digital assets exceed 50% — misclassifying operating businesses as fund-like and breaking neutral index standards.

Join the call for MSCI to withdraw the rule:

👉 https://t.co/ylANZGMn4r pic.twitter.com/gLd7FGlqce

— Bitcoin For Corporations (@BitcoinForCorps) December 11, 2025

Bitcoin for Corporations also noted in the petition that the MSCI has never excluded companies based on treasury holdings, making this proposed move the first of its kind. It stressed that REITs, which hold 75% or more of their assets in real estate, remain included in the MSCI indices. The same applies to companies holding large cash, foreign exchange, or gold reserves.

Amid this MSCI saga, Strategy continues to accumulate more Bitcoin. As CoinGape reported, Michael Saylor’s company announced on Monday that it bought 10,624 BTC for $962.7 million last week. This marks its largest purchase since July.

Meanwhile, MSTR stock has been declining. TradingView data shows that the stock is down over 5% today, trading at around $175. The stock is also down 25% in the last month.