Strive Asset Management is rejecting MSCI’s latest proposal. The index provider suggested removing companies with bitcoin holdings greater than 50% of total assets from major stock benchmark indices.
In a letter to MSCI CEO Henry Fernandez, Strive warned that the plan could lead to uneven results around the world. Companies report bitcoin differently under US GAAP and IFRS accounting standards. Strive said this could lead to inconsistent results for companies with similar exposure.
The Nasdaq-listed company urged MSCI to rely on optional variants of the “ex-digital assets” index rather than redefining eligibility for broad benchmarks. These custom indices already exist for sectors such as energy and tobacco.
Strive is the 14th largest public corporate holder of bitcoin, with more than 7,500 BTC on its balance sheet. Its executives argued that the proposal would “depart from the index’s neutrality” and called on MSCI to “let the market decide” how bitcoin-rich companies are treated.
Co-founded by Vivek Ramaswamy and Anson Frericks in 2022, Strive has a mission to “depoliticize corporate America.”
The MSCI ruling affects companies like Strive and Strategy
The rule change could affect major players like Strategy, which holds 650,000 BTC. JPMorgan estimates that MSCI’s delisting could trigger passive outflows of $2.8 billion from Strategy alone. If other index providers follow suit, the total could rise to $8.8 billion.
Strive’s letter criticized the 50% threshold as “unjustified, overly broad, and unworkable.” Many bitcoin treasury companies operate real businesses.
These include artificial intelligence data centers, structured finance and cloud infrastructure. Miners such as MARA, Riot, Hut 8 and CleanSpark are turning to leasing excess power and computing capacity.
The company made comparisons with other industries. The indices do not exclude energy companies with large oil reserves or gold miners whose value depends on metals. Strive argued that applying a bitcoin-specific rule imposes investment judgment on benchmark indices intended to remain neutral.
Executives also highlighted market volatility and accounting differences. Bitcoin price swings could cause companies to move in and out of eligibility from quarter to quarter. Derivatives or structured products further complicate exposure calculations.
Strive warned that strict regulations could spur innovation abroad. US markets may face sanctions, while international companies benefit from IFRS treatment. The firm believes the proposal may stifle new financial products backed by bitcoins.
MSCI plans to announce its decision on January 15, 2026, ahead of the February index review. Strive is one of several companies lobbying against the proposal. Their argument focuses on fairness, neutrality and market choice rather than restricting investor access.
Last week, Strategy’s Michael Saylor questioned disputes over the MSCI index and clarified that Strategy is a publicly traded operating company with a $500 million software business and a treasury strategy using Bitcoin, not a fund, trust or holding company.
