Strive Asset Management is pushing back against MSCI’s latest proposal. The index provider has proposed excluding companies with more than 50% of their total assets in Bitcoin from major stock benchmarks.
In a letter to MSCI CEO Henry Fernandez, Strive warned that the plan could have uneven results around the world. Companies report Bitcoin differently under U.S. GAAP and IFRS GAAP. Strive said this could lead to inconsistent results for companies with similar exposures.
The Nasdaq-listed company asked MSCI to rely on an optional “ex-digital asset treasury” index variant rather than redefining broader benchmark eligibility. These custom indices already exist for sectors such as energy and tobacco.
Strive is the 14th largest Bitcoin holder in a public company, with over 7,500 BTC on its balance sheet. The company executives argued that the proposal “departs from index neutrality” and called on MSCI to “let the market decide” how to treat Bitcoin-focused companies.
Co-founded in 2022 by Vivek Ramaswamy and Anson Frerichs, Strive is on a mission to “depoliticize corporate America.”
MSCI ruling impacts companies like Strive and Strategy
This rule change could impact large companies like Strategy, which holds 650,000 BTC. JPMorgan estimates that MSCI’s exclusion could result in $2.8 billion in passive outflows from its Strategy division alone. If other index providers follow suit, the total could reach $8.8 billion.
Strive’s letter criticized the 50% standard as “unreasonable, overly broad and unenforceable.” Many Bitcoin finance companies operate real businesses.
These include AI data centers, structured finance, and cloud infrastructure. Miners such as MARA, Riot, Hut 8, and CleanSpark are focused on renting surplus power and computing power.
The company made comparisons with other industries. The index does not exclude energy companies with large oil reserves or gold mining companies whose value depends on metals. Strive argued that applying Bitcoin-specific rules would impose investment decisions on a benchmark that is meant to remain neutral.
Executives also highlighted market volatility and accounting differences. Due to Bitcoin price fluctuations, companies can gain or lose eligibility on a quarterly basis. Derivatives and structured products further complicate exposure calculations.
Strive warned that strict rules could push innovation overseas. International companies may benefit from IFRS treatment while the US market may face fines. The company believes the proposal could curb new financial products backed by Bitcoin.
MSCI plans to announce its decision on January 15, 2026, before the index review in February. Strive is one of several companies lobbying against the proposal. Its arguments focus on fairness, neutrality, and market selection rather than restricting investor access.
Last week, Strategy’s Michael Saylor disputed the MSCI index controversy, clarifying that Strategy is a publicly traded company with a $500 million software business and financial strategy using Bitcoin, and is not a fund, trust, or holding company.
