Bitwise Defends Michael Saylor’s Strategy, Warns MSCI Against Excluding Crypto Treasury Firms - Coinedict

Crypto asset manager Bitwise has publicly pushed back against a proposal by index provider MSCI that could exclude digital asset treasury companies (DATs) — including Michael Saylor’s Strategy — from its global equity indexes.

In a statement shared on X, Bitwise argued that MSCI’s proposed rule would undermine the neutrality of index construction by introducing subjective judgment into what is traditionally a rules-based, objective process.

Concerns Over MSCI’s Proposed DAT Exclusion

MSCI is reportedly considering classifying companies that hold more than 50% of their reserves in cryptocurrencies as ineligible for inclusion in its indexes. If adopted, the rule would impact Strategy and other firms that have built corporate treasury models centered on Bitcoin and digital assets.

Bitwise warned that this move would set a troubling precedent. The firm noted that equity indexes have historically included companies with highly concentrated exposure to a single commodity or asset class — such as oil producers or gold miners — without applying special exclusions.

“Indexes are meant to reflect markets, not pass judgment on business models,” Bitwise said, adding that selectively targeting crypto-focused firms risks eroding investor trust in index neutrality.

Strategy Compared to Commodity-Focused Firms

The crypto ETF issuer echoed recent comments from Strategy CEO Phong Le, who questioned why companies with concentrated exposure to oil or gold remain eligible for index inclusion while crypto-focused firms face scrutiny.

According to Bitwise, applying different standards to digital assets introduces inconsistency and unfairly singles out the crypto sector.

Why Strategy Is More Than a Bitcoin ETF

Bitwise also emphasized that Strategy should not be viewed as a simple proxy for a Bitcoin ETF. Unlike passive investment vehicles, the firm operates an active business model that combines capital markets strategy, corporate operations, and long-term Bitcoin management.

The asset manager said this structure provides distinct value to shareholders that ETFs cannot replicate, reinforcing confidence in Strategy’s long-term outlook.

Investor Impact and Industry Response

Bitwise warned that excluding DATs from MSCI indexes would disadvantage investors by removing crypto exposure from diversified portfolios at a time when digital assets are becoming increasingly integrated into global finance.

The firm urged MSCI to reconsider the proposal and maintain its reputation for neutrality as financial markets evolve. A public petition calling on MSCI to withdraw the proposal has already attracted hundreds of signatures within days, highlighting growing industry resistance.