Bitcoin For Firms (BFC), in coordination with its member corporations, formally challenged MSCI’s proposed rule to exclude corporations from the MSCI World Investable Market Indexes if digital belongings signify 50% or extra of whole belongings.
The rule would apply to corporations whose main enterprise is classed as digital-asset treasury exercise.
BFC argues the proposal misclassifies working corporations by prioritizing balance-sheet holdings over precise enterprise operations.
“MSCI has lengthy outlined corporations by what they do, not by what they maintain. This proposal abandons that precept for a single asset class,” stated George Mekhail, managing director of BFC. “A shareholder-approved treasury resolution shouldn’t override that actuality.”
The coalition recognized three structural points with the proposal. First, it redefines main enterprise based mostly on asset composition reasonably than revenue-generating operations. Second, it singles out digital belongings whereas different asset lessons face no comparable therapy.
Third, it ties index inclusion to risky market costs, creating unpredictable membership adjustments.
BFC warned that the proposal may result in passive fund outflows, greater capital prices, and elevated volatility for corporations, all unrelated to operational efficiency.
The group urged MSCI to withdraw the edge, preserve an operations-based classification, guarantee asset-class neutrality, and have interaction with market members on a business-aligned framework.
Attempt echoes the sentiment
Attempt Asset Administration, co-founded by Vivek Ramaswamy, additionally formally urged MSCI final week to rethink its proposal to exclude corporations with bitcoin holdings exceeding 50% of whole belongings from main fairness benchmarks.
In a letter to MSCI CEO Henry Fernandez, Attempt warned that the rule may produce inconsistent outcomes on account of differing accounting requirements below U.S. GAAP and IFRS.
Attempt, the 14th-largest company bitcoin holder with over 7,500 BTC, argued that the 50% threshold is “unjustified, overbroad, and unworkable.” Its executives highlighted that many bitcoin treasury corporations function actual companies in sectors resembling AI knowledge facilities, structured finance, and cloud infrastructure.
They in contrast the proposed therapy of bitcoin to different belongings, noting that vitality corporations with giant oil reserves or gold miners should not excluded from indexes.
The agency additionally cited market volatility, derivatives publicity, and accounting variations as elements that might make index inclusion unpredictable.
Attempt warned that strict guidelines may drive innovation overseas, giving worldwide corporations a aggressive benefit.
MSCI plans to announce its resolution on January 15, 2026. Attempt’s intervention reinforces the broader trade name for operations-based classification, asset-class neutrality, and honest therapy of corporations holding important bitcoin as a part of their treasury technique.
MSCI may exclude Technique
Maybe the corporate most affected by this might be Technique, the tech- and Bitcoin-focused software program firm well-known for its daring Bitcoin reserve technique. Technique and Chairman Michael Saylor lately pushed again in opposition to considerations that MSCI may exclude the corporate from main fairness indices, which analysts warn would possibly set off billions in passive outflows.
Saylor emphasised that Technique just isn’t a fund or holding firm however an working enterprise with a $500 million software program division and a $7.7 billion Bitcoin-backed credit score program.
He highlighted merchandise like Stretch ($STRC), a Bitcoin-backed credit score instrument, and confused that Technique actively creates, constructions, and operates monetary merchandise reasonably than passively holding belongings.
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