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The CEO of Strategy compares the MSCI proposal to exclude companies that own digital assets to punishing Chevron for holding oil assets on its balance sheet.
MSCI is consulting on the removal of companies whose digital assets exceed 50% of the indices by the deadline on December 31.
Phong Li, CEO of Strategy, opposed MSCI's idea of excluding companies with large stakes in cryptocurrencies from its index, deeming this step unfair and inconsistent with how traditional sectors are treated. Li believes that the index provider's decision, announced in October, to consider excluding companies heavily dominated by digital assets in their treasuries conflicts with the approach taken with firms in the traditional sector.
The CEO makes comparisons with traditional industries
Phong Li drew a comparison between the proposed repeal of the exemption and the case of punishing the energy giant Chevron merely for having massive oil reserves, or the timber company Weyerhaeuser for owning vast amounts of timber resources. He pointed out that Simon Property Group, similarly, owns many properties but does not face any risk of exclusion from indices.
The CEO of Strategy expressed concern that this proposal indicates too early an intervention in an emerging sector, which could limit the growth and innovation potential of this sector. He compared this to the default situation of preventing telecommunications companies from installing cellular towers in the 1980s and preventing artificial intelligence companies from investing in computing infrastructure today.
He objected to MSCI's description of digital asset treasury companies as merely investment funds, arguing that they should be considered operational companies. He cited the thirty-year history of Strategy as a publicly listed operating company as an example.
The director referenced his tenure as Chief Financial Officer since 2015 and the company's continued listing on the stock exchange since 1998.
On the same day, Strategy submitted a formal response to MSCI, clarifying that the proposal leads to bias against cryptocurrencies as an asset class, rather than being neutral oversight. The consultation window is open until December 31, with final decisions likely to be made around mid-January, and implementation may begin in February.
Charlie Sherry, an executive at an Australian cryptocurrency exchange, stated that based on the views of sector observers, MSCI rarely conducts such consultations without making a decision in favor of implementation. This outcome may be a key factor in changing institutional investors' perceptions of companies significantly involved in digital asset holdings.$SOL
