Strategy CEO challenges MSCI move to bar crypto-treasury firms

Strategy CEO Phong Le challenged MSCI’s consultation that could remove companies holding more than 50% of their assets in cryptocurrencies from equity indexes. In an interview Wednesday, he likened the idea to penalizing Chevron for owning oil reserves and noted that Strategy filed a letter objecting to the change.

MSCI began a review in October on whether digital asset treasury companies-firms with a majority of their balance sheet in crypto-should be ineligible. The index provider cited concerns that these companies can resemble investment funds, which are not included in MSCI equity indexes.

Le called that a mischaracterization and labeled the consultation “misinformed and misguided.” “I’ve been CFO since 2015, Michael Saylor founded the company in 1989, we’ve been public since 1998, I work here day to day, and we are 100% an operating company legally from a corporate structure,” he noted. The company’s letter argues the proposal would treat crypto differently from other assets.

To illustrate, he pointed to energy, timber, and real estate businesses that hold large asset positions central to their operations without facing removal. Examples included Chevron’s oil reserves, Weyerhaeuser’s timberlands, and Simon Property Group’s properties. Treating crypto‑heavy balance sheets differently, he argued, would be inconsistent.

He drew parallels to prior technology buildouts. “This would be like in the 1980s, saying the telecom company shouldn’t have built out cell towers and spectrum, or three years ago, saying AI companies shouldn’t be investing in LL labs and high‑performance compute.”

MSCI’s rationale states that digital asset treasury companies can “exhibit characteristics similar to investment funds,” raising questions about whether they reflect operating exposure that equity indexes aim to track.

Strategy maintains that it is an operating software and services business that also manages a sizable crypto treasury, and that its corporate status is distinct from a fund structure.

The consultation runs through Dec. 31. MSCI plans to publish conclusions on Jan. 15 and implement any changes in February. Le added that Strategy submitted its response on Wednesday and plans to keep engaging with investors and MSCI during the review.