Asset management company Strive Asset Management CEO Matt Cole wrote to MSCI CEO, opposing the proposal to exclude companies with digital assets (primarily Bitcoin) making up more than 50% from the MSCI Global Investable Market Index, arguing that it undermines the neutrality of passive investing.
MSCI is considering excluding DAT from the index
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 the index, as DAT may exhibit characteristics similar to investment funds, disqualifying them from MSCI index eligibility. MSCI proposed to exclude companies with cryptocurrency holdings exceeding 50% of their total assets from the MSCI Global Investable Market Index.
(J.P. Morgan: The MSCI index may kick out MicroStrategy, potentially triggering nearly $10 billion in capital outflow)
Strive opposes: Many DATs are still 'operating companies'
Asset management company Strive Asset Management CEO Matt Cole wrote to MSCI's CEO, emphasizing how Bitcoin reserve companies drive the growth of artificial intelligence infrastructure and structured financing, pointing out that the 50% threshold is flawed because different accounting standards (such as GAAP and IFRS) can lead to inconsistencies in exclusion criteria.
Strive emphasizes that many companies holding large amounts of Bitcoin are still 'operating companies', not merely asset pools, such as MicroStrategy which is a leader in Bitcoin structured financial products, while most Bitcoin miners are transitioning to AI infrastructure providers. Excluding these companies would also contradict the original intention of 'passive investing', increasing costs for passive investors, restricting innovation in the U.S., and potentially harming MSCI shareholders' interests.
MSCI can allow investors to choose through thematic exclusion tools
Strive suggests that MSCI could adjust through optional index variants rather than redefining the eligibility of broad benchmarks, such as 'MSCI USA ex Digital Asset Treasuries', allowing investors to choose whether to exclude DAT.
In fact, MSCI has adopted this approach in other areas, providing 'exclusion of energy', 'exclusion of tobacco', and similar screened core indices.
MSCI will announce its decision on January 15, 2026, which coincides with the eve of February's index adjustment.
This article Strive wrote to MSCI should not exclude DAT from the index first appeared in Chain News ABMedia.
