'Provide future qualification path' — Strive challenges MSCI proposal to exclude Bitcoin treasuries

Strive, the fifth-largest Bitcoin treasury, has put forth a strong and critical case against MSCI’s proposal to axe crypto treasuries from the global index. 

In its feedback on the proposal, Strive acknowledged the 2026 framework as a “material improvement” over the 2025 one (which directly targeted crypto treasuries for exclusion). 

The current proposal asks a better question: when does a public corporation cease to be an operating company and become, in economic substance, an investment vehicle? We think MSCI is now asking the right question but has yet to supply a rule capable of answering it.

However, Strive asked MSCI to define the meaning of “operating asset.” The firm insisted that they (BTC treasuries) fit the profile of an “operating company,” citing Strategy’s digital credit products tied to BTC reserves.

Companies that issue digital credit belong on the operating side of that line. They use balance sheet assets as inputs, apply continuing financial and risk-management processes to them, and produce differentiated financial claims with payment and risk characteristics the underlying assets.

Will MSCI Index keep Bitcoin treasuries?

Strategy’s list of preferred stocks, including STRC, STRF, STRK, and STRD, earn bi-monthly and quarterly dividends. In fact, there is a proposal to have the last four offer daily interest. The digital credit is backed by Strategy’s massive BTC and cash reserves to ensure uninterrupted yield payouts.