Strive Challenges MSCI’s Proposal to Exclude Crypto Treasuries from Global Index

Will MSCI Index Keep Bitcoin Treasuries? Strive Makes Its Case

Strive Advocates for Clear Definition of “Operating Assets” in Response to MSCI’s Proposal

Final Summary: Strive Defends Crypto Treasuries as Operating Companies Amid MSCI Review

Strive Challenges MSCI’s Proposal to Exclude Crypto Treasuries from Global Index

In a bold move that could reshape the landscape of cryptocurrency investments, Strive, the fifth-largest Bitcoin treasury, has voiced strong opposition to MSCI’s recent proposal to exclude crypto treasuries from its global index. This proposal, which has sparked significant debate, aims to redefine what constitutes an “operating company” in the context of digital assets.

In its feedback, Strive acknowledged the 2026 framework as a “material improvement” over the previous year’s proposal, which directly targeted crypto treasuries for exclusion. However, Strive argues that while MSCI is asking the right questions, it has yet to provide a clear rule to determine when a public corporation transitions from being an operating entity to an investment vehicle.

Strive is calling on MSCI to clarify the definition of “operating asset,” asserting that its own digital credit products, which are tied to Bitcoin reserves, fit this profile. The firm contends that companies issuing digital credit actively manage their balance sheet assets, applying financial and risk-management processes to produce differentiated financial claims. This, they argue, aligns them with traditional operating companies such as banks and insurers.

“Companies that issue digital credit belong on the operating side of that line,” Strive stated, emphasizing the active role these firms play in the financial ecosystem. Their digital credit products, backed by substantial Bitcoin and cash reserves, are designed to ensure consistent yield payouts, with proposals in place to offer daily interest on certain stocks.

Interestingly, Strive is not alone in its defense. TD Securities has echoed similar sentiments, arguing that the primary product of these companies is not Bitcoin itself, but rather tailored Bitcoin-backed exposure that caters to diverse investor preferences. This, they assert, constitutes a corporate activity rather than a passive investment strategy.

MSCI, on the other hand, views companies that accumulate and hoard assets, including cryptocurrencies, as “non-operating” entities that should be removed from its index. The index provider opened a feedback window for industry players, set to close by the end of September, with final results expected by mid-October. If adopted, these changes could lead to a significant rebalancing of the index by November.

As the deadline approaches, Strive is urging MSCI to not only define “operating assets” but also to establish a “future qualification path” for firms to adapt to the evolving landscape of digital finance. The outcome of this proposal could have far-reaching implications for the crypto treasuries segment, making it a critical moment for stakeholders in the industry.

With the clock ticking, the crypto community watches closely to see if MSCI will reconsider its stance or proceed with the proposed changes. The decision could redefine the future of crypto treasuries and their role in the global financial ecosystem.