Saylor Urges MSCI to Drop 'Discriminatory' Rule That Would Delete Strategy
Strategy founder Michael Saylor and CEO Phong Le urged MSCI to withdraw a proposed “non-operating company” screen that could remove Strategy from MSCI benchmarks. They called it discriminatory, arbitrary, and a disguised version of MSCI’s earlier rejected crypto-holdings proposal. MSCI’s consultation would apply a five-flag test to companies with less than half of assets in operating assets; failing four flags would make a company ineligible, and current index members would need to fail two annual reviews before deletion. MSCI estimated three deletions, including Strategy, Yellow Cake, and Metaplanet, with several others watchlisted. Strategy argues its Bitcoin treasury segment is separately reported and that its accounting treatment means it should not trigger the expense or fair-value flags. The company says the proposal would mainly damage MSCI’s neutrality rather than affect its own business. Feedback closes September 30, results are due October 16, and changes could begin in the November review.
