Bitcoin For Corporations (BFC), in conjunction with its member companies, has formally challenged MSCI’s proposed rule to exclude companies from the MSCI Global Investable Market Index if digital assets account for more than 50% of their total assets.
This rule applies to companies whose primary business is classified as digital asset financing activities.
The BFC argues that the proposal misclassifies operating companies by prioritizing balance sheet holdings over actual business operations.
“MSCI has long defined companies by their activities, not their holdings. This proposal abandons that principle for a single asset class,” said George Mehail, managing director at BFC. “A Treasury Department decision approved by shareholders should not override that reality.”
The coalition identified three structural problems with the proposal. First, redefine core businesses based on asset mix rather than revenue-generating operations. Second, only digital assets receive special treatment while other asset classes do not receive similar treatment.
Third, index inclusion is tied to volatile market prices, leading to unpredictable membership fluctuations.
The BFC warned that the proposal could lead to negative capital outflows for companies, higher costs of capital and increased volatility for companies, all of which are unrelated to operating results.
The group called on MSCI to withdraw the threshold, maintain business-based classification, ensure asset class neutrality and work with market participants in a business-aligned framework.
1/ Last Minute: @BitcoinForCorps (BFC) is formally calling on MSCI to withdraw the proposed 50% digital asset exclusion rule.
This proposal directly impacts the treatment of industrial companies in global indices.
Here’s what you need to know:
pic.twitter.com/mfBCML5AgW
— Bitcoin for Enterprises (@BitcoinForCorps) December 8, 2025
effort reflects emotion
Last week, Strive Asset Management, co-founded by Vivek Ramaswamy, also formally asked MSCI to reconsider its proposal to exclude companies with more than 50% of their total assets in Bitcoin from major equity benchmarks.
In a letter to MSCI CEO Henry Fernandez, Strive warned that the rules could produce inconsistent results due to differences in accounting standards under U.S. GAAP and IFRS.
Strive, who is the 14th largest corporate Bitcoin holder with over 7,500 BTC, argued that the 50% standard is “unreasonable, overly broad and unenforceable.” Company executives emphasized that many Bitcoin treasury companies run real businesses in areas such as AI data centers, structured finance, and cloud infrastructure.
They compared the proposed treatment of Bitcoin to other assets, noting that energy companies with large oil reserves and gold mining companies are not excluded from the index.
The company also cited market volatility, derivative exposure and accounting differences as factors that could make index inclusion unpredictable.
Strive warned that strict rules could drive innovation abroad and give international companies a competitive advantage.
MSCI plans to announce its decision on January 15, 2026. Strive’s intervention reinforces industry-wide calls for business-based classification, asset class neutrality, and fair treatment of companies holding large amounts of Bitcoin as part of their financial strategies.
MSCI may exclude strategy
Perhaps the company most affected by this is Strategy, a technology and Bitcoin-focused software company known for its bold Bitcoin preparation strategy. Strategy Chairman Michael Saylor recently pushed back on concerns that MSCI could remove the company from major stock indexes, which analysts warn could trigger billions of dollars in passive capital outflows.
Saylor emphasized that Strategy is not a fund or holding company, but rather an operating business with a $500 million software division and a $7.7 billion Bitcoin-backed credit program.
He highlighted products such as Stretch ($STRC), a Bitcoin-backed credit product, and emphasized that Strategy actively creates, builds, and operates financial products rather than passively holding assets.
Disclaimer: Bitcoin For Corporations and Bitcoin Magazine both operate under the parent company of BTC Inc.
This post originally appeared on Bitcoin Coalition Push Back Against MSCI Proposal Targeting Bitcoin-Heavy Companies and was written by Micah Zimmerman.
