Strategy responds to MSCI letter, advocating for fair rules for the inclusion of crypto assets in the index

December 10, 2025, a well-known company in the digital assets space, Strategy, has submitted a formal response to MSCI’s digital asset inventory consultation. Its core request is to keep index rules neutral, fair, and consistent, avoiding the creation of standalone or harmful rules for digital assets like Bitcoin.

This debate stems from a proposal by MSCI aimed at prohibiting companies holding digital assets exceeding 50% of their total assets from being included in its global equity benchmark index. MSCI believes that digital asset reserve companies like Strategy are more akin to investment funds rather than traditional operating businesses.

01 Controversy Focus: MSCI’s 50% Threshold and Strategy’s Opposition

As a leading global index provider, MSCI’s stock indices serve as benchmarks for many passive investment funds. Its proposed new regulation sets a clear red line: if digital assets exceed 50% of a company’s total assets, it will be excluded from the index.

This rule directly impacts “digital asset treasury” companies represented by Strategy. Currently, Strategy is the world’s largest public Bitcoin holder, with approximately 660,624 BTC valued at nearly $61 billion.

J.P. Morgan analysts estimate that if Strategy is ultimately removed from MSCI’s index, it could trigger approximately $2.8 billion in passive fund outflows. If other index providers follow suit, the total sell-off could be even more staggering.

02 Core Arguments: Contradictions in Rules and Market Volatility Risks

In their formal response to MSCI, Strategy presented multiple rebuttals, primarily pointing out inherent contradictions in the proposed rule and potential negative consequences.

Strategy first warns that this rule would cause the index itself to fluctuate violently and frequently. Due to the volatility of Bitcoin and other digital assets, as well as differences in accounting standards (such as IFRS and U.S. GAAP) for asset valuation, it could lead to companies meeting the criteria “drastically entering and exiting” major indices in a short period.

Second, Strategy believes this move contradicts the US government’s policy direction of promoting innovation in digital assets. Excluding deeply engaged crypto ecosystem innovative companies from mainstream financial markets may send a signal contrary to policy encouragement.

03 Industry Mapping: Potential for Gate Exchange’s Index Inclusion

The debate between Strategy and MSCI actually reflects a broader issue faced by the entire crypto industry seeking integration with traditional finance. It’s not just about companies holding assets but also about core builders in the crypto ecosystem, such as cryptocurrency exchanges.

Take top exchange Gate as an example. Its development trajectory demonstrates the potential for crypto enterprises to meet strict traditional finance standards. Industry analysis indicates that Gate has reached important milestones, satisfying all technical criteria required for inclusion in major stock market indices.

This includes registration in relevant countries, maintaining high liquidity, reaching a substantial market cap, and demonstrating consistent profitability in recent quarters. It is reported that Gate reported $1.4 billion in unrealized gains last quarter, meeting the profit criteria for reputable indices.

04 Market Impact: “Index Effect” and Capital Flows

Index inclusion or exclusion is far more than a matter of title; it’s directly linked to massive real capital flows. Studies show that companies included in major indices often experience price increases driven by the “index effect.”

For potential candidates like Gate, analysis predicts that if included in an index, passive funds tracking that index would need to purchase nearly 50 million shares, worth approximately $1.6 billion at current market prices.

This process would enable institutional investors, including pension funds, to indirectly hold crypto assets through index holdings, bringing profound structural changes and validation to the entire market.

05 Future Outlook: Rule Evolution and Industry Maturity

MSCI expects to make a final decision on this consultation before January 15, 2026. This decision will not only determine the fate of companies like Strategy but also set a key precedent for how traditional finance defines and adopts crypto companies.

Regardless of the outcome, crypto-native enterprises like Gate, with their liquidity, profitability, and market presence, can no longer be ignored. The market performance of Gate’s platform token GT also reflects the ecosystem’s vitality; according to Gate data, GT recently traded at $10.51, up 6.70% in 24 hours.

This signifies that digital assets and blockchain technology are increasingly seeking and gaining mainstream recognition within the global financial landscape.

Outlook

As of December 11, Gate’s platform token GT is quoted at $10.51, with a market cap around $846 million. While the market is still digesting the debate between Strategy and MSCI, another crypto giant, BitMine, saw its stock price quietly rise by 2.3% in after-hours trading.

This slight fluctuation is like a stone thrown into a lake, with ripples spreading outward. Several mid-sized Wall Street funds’ investment committees have temporarily added a new agenda item: “Reevaluating the risk exposure of digital asset companies.”