Michael Saylor's Strategy hits back at MSCI (2:17)
The debate over whether crypto-heavy companies belong in major stock indices is barely settled, and already another crypto player is stepping in.
Just a few months ago, the index provider was contemplating removing digital asset treasury (DAT) companies that have more than 50% of their balance sheets allocated to crypto.
A DAT company holds cryptocurrencies on its corporate balance sheet in the same way traditional firms hold cash reserves.
Related: JPMorgan warns of MicroStrategy delisting risk from major equity indices
On the receiving end of this proposal was Michael Saylor’s MicroStrategy, now known as Strategy (NASDAQ: MSTR).
In December 2025, Strategy pushed back, calling MSCI’s proposal “discriminatory, arbitrary, and unworkable." Saylor argued that his company is an operating business, not an investment fund.
MSCI ultimately opted not to exclude DAT firms and Strategy remained in its place.
Now, another Bitcoin-focused company is joining the ranks.
Related: Michael Saylor responds to JPMorgan’s MSCI delisting warning
Another crypto-linked firm steps in
The MSCI USA Index tracks large- and mid-cap segments of the U.S. equity market and represents approximately 85% of the free float-adjusted market capitalization.
Inclusion can drive automatic flows from passive funds and boost visibility among institutional investors.
IREN Limited (NASDAQ: IREN) announced on Feb. 13 that it will be added to the MSCI USA Index after the closing bell on Feb. 27.
IREN’s co-founder and co-CEO Daniel Roberts said the addition reflects the scale and liquidity the company has built and will broaden institutional access as it advances its AI Cloud strategy.
The timing is notable because of its strategic pivot away from Bitcoin mining.
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IREN makes steady progress on AI ambitions
IREN began as a renewable-powered Bitcoin miner but is increasingly positioning itself as an AI cloud infrastructure provider.
On Oct. 3, the company signed a $9.7 billion GPU cloud services contract with Microsoft (NASDAQ: MSFT). This marked a major step in its expansion into AI computing.
Still, Bitcoin mining is central to its operations and financial volatility.
In the second quarter of 2025, IREN reported revenue of $184.7 million, missing forecasts by nearly 20%, largely due to weaker Bitcoin mining revenue. The stock dropped 11.45% in after-hours trading following the earnings release.
As of Feb. 13, shares had closed more than 6% lower and were trading at $40.10 in pre-market hours on Feb. 14. Yet the stock remains up more than 206% year over year.
With $2.8 billion in cash and $9.2 billion secured in funding, IREN maintains a strong balance sheet even as it navigates the complex transition from Bitcoin mining toward AI cloud services.
Related: What is Bitcoin mining? Explained
