Strategy has formally opposed MSCI’s proposal to remove “non-operating companies” from global investable market indexes, arguing the move is misguided and unfairly targets digital asset treasury companies. In a letter cited by Bitcoin Magazine, the company said the proposal mirrors a 2025 measure that would have excluded firms whose digital asset holdings exceeded 50% of total assets, a plan MSCI later withdrew. Strategy said it remains an operating company, noting that its Bitcoin business is reported as an operating segment and that related gains and losses are treated as operating expenses. The company added that it employs 1,500 people globally and actively uses Bitcoin to create shareholder value, warning that while the change may not materially affect its business, it could undermine MSCI’s reputation as a neutral and reliable index provider.