Strive Asset Management is actively opposing a recent proposal from MSCI, which suggests removing companies that hold more than 50% of their total assets in bitcoin from significant equity benchmarks. In a formal letter addressed to MSCI CEO Henry Fernandez, Strive expressed concerns that this approach could result in inconsistent outcomes across different global markets, highlighting discrepancies in how bitcoin is reported under U.S. GAAP compared to IFRS accounting standards.
The firm, which is the 14th-largest public corporate holder of bitcoin with over 7,500 BTC, is advocating for the use of optional “ex-digital-asset treasury” index variants. Strive believes that these existing custom indexes, utilized for sectors such as energy and tobacco, would provide a fairer solution than redefining eligibility for broad benchmarks.
Strive’s executives argue that MSCI’s proposal would lead to a departure from index neutrality, insisting that the market should determine how companies with significant bitcoin holdings are classified. Founded in 2022 by Vivek Ramaswamy and Anson Frericks, Strive aims to “depoliticize corporate America,” a mission it feels is jeopardized by the proposed changes.
The implications of MSCI’s decision could be significant for major players like Strategy, which holds a substantial 650,000 BTC. Analysts at JPMorgan estimate that MSCI’s exclusion could result in a passive outflow of approximately $2.8 billion from Strategy alone. If other index providers enact similar exclusions, this figure could soar to $8.8 billion.
Strive has criticized the proposed 50% threshold for bitcoin holdings as “unjustified, overbroad, and unworkable,” noting that many companies with substantial bitcoin treasuries are engaged in legitimate business operations, such as AI data centers and cloud infrastructure. Bitcoin mining companies like Marathon Digital, Riot Blockchain, Hut 8, and CleanSpark are also shifting towards utilizing their excess power and compute capacity.
The firm drew parallels with other industries, questioning why energy companies with significant oil reserves or gold miners dependent on metal values are not subject to similar exclusions. Stipulating a bitcoin-specific rule, Strive contends, imposes unwarranted investment judgments on benchmarks that are intended to remain neutral.
Further complicating the matter are issues surrounding market volatility and differences in accounting practices. The fluctuating price of bitcoin could cause companies to move in and out of eligibility from quarter to quarter, while also complicating exposure calculations due to derivatives or structured products. Strive cautions that rigid regulations may drive innovation overseas, placing U.S. markets at a disadvantage while benefiting international companies under IFRS standards.
MSCI is slated to announce its decision on January 15, 2026, ahead of its February index review. Strive is among several firms actively lobbying against the proposal, framing its arguments around fairness, neutrality, and preserving market access for investors. Last week, Strategy’s CEO Michael Saylor clarified that Strategy is a publicly traded operating company with a substantial software business and a bitcoin treasury strategy, rather than merely a fund, trust, or holding company.
