Strive Asset Management pushes back against MSCI’s latest proposal. The index provider suggested removing companies with bitcoin holdings above 50% of total assets from major stock benchmarks.
In a letter to MSCI CEO Henry Fernandez, Strive warned that the plan could create uneven results worldwide. 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 firm urged MSCI to rely on optional “ex-digital-asset treasury” index variants instead of redefining eligibility for broad benchmarks. These customized indices already exist for sectors such as energy and tobacco.
Strive is the 14th largest public company bitcoin holder with more than 7,500 BTC on its balance sheet. Its executives argued the proposal would “depart from index neutrality” and asked MSCI to “let the market decide” how bitcoin-heavy companies are treated.
Co-founded by Vivek Ramaswamy and Anson Frericks in 2022, Strive has a mission to “depoliticize corporate America.”
MSCI’s decision affects companies such as Strive and Strategy
The rule change could affect big players like Strategy, who has 650,000 BTC. JPMorgan estimates that MSCI’s exclusion could trigger $2.8 billion in passive outflows 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 “unwarranted, overbroad and unworkable.” Many bitcoin tax companies run real businesses.
These include AI data centers, structured finance and cloud infrastructure. Miners such as MARA, Riot, Hut 8 and CleanSpark are moving to rent excess power and computing capacity.
The company compared with other industries. Indices do not exclude energy companies with large oil reserves or gold miners whose value depends on metals. Applying a bitcoin-specific rule, Strive argued, imposes an investment judgment on benchmarks meant to remain neutral.
The executives also highlighted market volatility and accounting differences. Bitcoin’s price fluctuations can push businesses in and out of eligibility from quarter to quarter. Derivatives or structured products further complicate exposure calculations.
Strive warned that strict regulations could push innovation overseas. US markets may face fines, while international companies benefit from IFRS treatment. The firm believes the proposal could stifle new bitcoin-backed financial products.
MSCI plans to announce its decision on January 15, 2026 before the index review in February. Strive is among several companies lobbying against the proposal. Its argument centers on fairness, neutrality and market choice rather than restricting investor access.
Last week, Strategy’s Michael Saylor disputed MSCI index disputes, clarifying that Strategy is a publicly traded operating company with a $500 million software business and a financial strategy that uses Bitcoin, not a fund, trust or holding company.