Saylor, Ramaswamy Revolt Against MSCI’s ‘Anti-Crypto’ Index Rules
🔥 Saylor Calls MSCI Proposal “Misguided” and “Discriminatory”
In a letter submitted to MSCI on 10 December, Saylor blasted the index provider’s plan to bar companies whose digital asset holdings exceed 50% of total assets from core benchmarks such as the MSCI World Index.
Saylor argues the proposal:
Punishes companies for modern treasury practices Mislabels operating companies as investment funds Creates artificial barriers to firms adopting Bitcoin as a strategic reserve
“Digital Asset Treasuries are operating businesses, not investment funds,” Saylor wrote. He emphasized that Strategy uses its balance sheet to support its analytics business—not to function as a Bitcoin ETF.
⚠️ Strive Warns: Index Providers Becoming “Shadow Regulators”
Strive Asset Management, founded by Ramaswamy, also submitted a letter criticizing the proposal.
💸 The Passive Wall: Up to $8.8B in Forced Selling
A JPMorgan estimate—circulating among institutional desks—suggests that exclusion from MSCI’s flagship indices could trigger $6.9–$8.8 billion in forced outflows as index-tracking ETFs rebalance.
This creates what analysts are calling a “passive wall”:
If holding Bitcoin disqualifies a company from major indexes,
corporate Bitcoin adoption becomes significantly more expensive.
Companies like Strategy and Japan’s Metaplanet, which have adopted a Bitcoin-heavy treasury strategy, would face automatic index expulsion.
31 Dec 2025 — MSCI consultation period closes
15 Jan 2026 — Final decision expected
Feb 2026 — Potential implementation during index review
