Bitcoin For Corporations (BFC), alongside its affiliated companies, has officially contested MSCI’s suggested regulation that would remove firms from the MSCI Global Investable Market Indexes if their digital asset holdings constitute 50% or more of their total assets.
This proposed rule targets businesses primarily engaged in digital-asset treasury activities.
BFC contends that this approach incorrectly categorizes operational companies by focusing on balance sheet assets rather than the core business functions they perform.
George Mekhail, BFC’s managing director, stated, “Historically, MSCI has classified companies based on their operations instead of asset holdings. This new proposal abandons that long-standing principle for just one type of asset. Decisions made by shareholders regarding treasury management should not overshadow a company’s true nature.”
The coalition highlighted three fundamental flaws in the proposal: first, it redefines a company’s main business based on its asset makeup instead of revenue sources; second, it unfairly singles out digital assets without applying similar standards to other types of assets; and third, it links index inclusion to fluctuating market valuations which could cause unpredictable changes in index membership.
BFC warned this rule might trigger passive investment withdrawals, increase capital costs for affected firms, and introduce volatility unrelated to actual operational performance.
The group urged MSCI to retract the 50% threshold criterion and recommended maintaining classifications grounded in business operations while ensuring neutrality across all asset classes. They also called for collaboration with market stakeholders to develop a framework aligned with real-world business models.
1/ BREAKING: @BitcoinForCorps (BFC) formally requests MSCI withdraw its proposed exclusion rule targeting companies holding over 50% digital assets.
This change directly impacts how operating businesses are represented within global indexes.
Here is what you need to know:
pic.twitter.com/mfBCML5AgW
— Bitcoin For Corporations (@BitcoinForCorps) December 8, 2025
Strive Shares Similar Concerns
Strive Asset Management — co-founded by Vivek Ramaswamy — also formally appealed last week urging MSCI to reconsider excluding firms whose bitcoin holdings exceed half their total assets from key equity benchmarks.
In correspondence addressed to Henry Fernandez, CEO of MSCI, Strive cautioned that inconsistent outcomes may arise due to varying accounting frameworks under U.S. GAAP versus IFRS standards.
Proudly holding over 7,500 BTC as the world’s fourteenth-largest corporate bitcoin owner, Strive criticized the arbitrary nature of the proposed threshold calling it “unjustified,” overly broad and impractical. The firm emphasized many bitcoin treasury entities operate legitimate businesses spanning AI data centers through structured finance solutions and cloud infrastructure services.
The letter pointed out discrepancies where energy corporations with significant oil reserves or gold mining enterprises remain eligible for indexes despite substantial non-cash holdings — highlighting an unequal treatment compared with bitcoin holders.
Additionally cited were factors such as market price swings volatility along with derivatives exposure and divergent accounting rules potentially causing erratic index participation results over time.
Strive further warned stringent restrictions risk pushing innovation overseas thereby granting foreign competitors an advantage within emerging sectors reliant on cryptocurrency strategies.
Affected Company Spotlight: Strategy
A notable example likely impacted is Strategy — a technology-focused software firm known for its aggressive Bitcoin reserve policies. Both Strategy itself and Chairman Michael Saylor have recently pushed back against fears that exclusion from major indices could provoke billions in passive fund withdrawals triggered by analysts’ warnings about potential repercussions following any delisting moves by MSCI.
Saylor stressed Strategy operates beyond merely being an investment vehicle or holding entity but runs active businesses including a $500 million software division alongside a $7.7 billion credit program secured against Bitcoin reserves.
He underscored innovative offerings like Stretch ($STRC), which provides Bitcoin-backed credit products designed actively through creation &/ structuring efforts rather than passively owning crypto-assets alone.
Disclaimer: Bitcoin For <Corpor;ati;o;n;s And in maga&lzin;e both operate under BTC Inc., parent company.
This article titled “Bi<tcoin Coalition Pushes Back Against M&SC&I Proposal Targeting Bitcoi-n Heavy Companies”, originally appeared at Bitcoin Magazine authored by Micah Zimmerman.