Strive sends a letter to MSCI, stating that DAT should not be excluded from the index

Strive Asset Management CEO Matt Cole sent a letter to the CEO of MSCI, opposing the proposal to exclude digital asset companies—primarily Bitcoin, where holdings exceed 50%—from the MSCI Global Investable Market Indexes, arguing that it undermines the neutrality of passive investing.

MSCI considers excluding DAT from indexes

One of the world’s largest index providers, MSCI, launched a consultation in October aimed at excluding digital asset financial companies (DAT) such as MicroStrategy, MARA Holdings, and Riot Platforms from its indexes, because DATs may exhibit characteristics similar to investment funds, making them ineligible for MSCI indexes. MSCI proposes excluding companies with cryptocurrency holdings that make up more than 50% of their total assets from the MSCI Global Investable Market Indexes.

JPMorgan: MSCI index may kick out MicroStrategy, could trigger nearly $10 billion in outflows

Strive opposes: Many DATs are still “operating companies”

Strive Asset Management CEO Matt Cole sent a letter to the MSCI CEO, highlighting how Bitcoin reserve companies are driving growth in AI infrastructure and structured finance, and pointed out that the 50% threshold is flawed because different accounting standards (such as GAAP and IFRS) could lead to inconsistencies in exclusion criteria.

Strive emphasized that many companies holding large amounts of Bitcoin are still “operating companies” rather than pure asset pools. For example, MicroStrategy is a leader in Bitcoin structured financial products, and most Bitcoin miners are transforming into AI infrastructure providers. Forcibly excluding these companies would go against the original intent of “passive investing,” not only increasing costs for passive investors and limiting U.S. innovation, but also potentially harming the interests of MSCI shareholders.

MSCI can let investors choose through thematic exclusion tools

Strive suggested that MSCI could offer optional index variants instead of redefining broad benchmark eligibility—such as “MSCI USA ex Digital Asset Treasuries”—allowing investors to decide whether to exclude DAT.

In fact, MSCI has already adopted this approach in other areas, offering core indexes with exclusions such as “ex Energy,” “ex Tobacco,” and similar screened versions.

MSCI will announce its decision on January 15, 2026, just before the index rebalancing in February.

This article, “Strive Sends Letter to MSCI: DAT Should Not Be Excluded from Indexes,” first appeared on ChainNews ABMedia.