PANews reported on December 11th, citing Bloomberg, that Michael Saylor, executive chairman of Bitcoin finance firm Strategy, publicly criticized a proposal to exclude the company from US indices, calling it "biased" and "harmful." Strategy raised key objections from technical, accounting, and political perspectives regarding MSCI's proposal to remove companies with cryptocurrency holdings exceeding 50% of their total assets. Strategy warned that if MSCI approves the proposal before January 15th, it will have "extremely harmful consequences."

Strategy executives argue that the 50% rule "arbitrarily isolates digital asset companies, giving them unfair special treatment," noting similar exposures to oil, timber, and gold, and ignoring price volatility and other core factors in balance sheet accounting. Strategy's core principle is that it differs from investment funds in that it actively uses Bitcoin to generate returns for shareholders, rather than merely as a "package" for the original cryptocurrency, and pursues value creation through technological innovation. Finally, the letter addresses the broader debate surrounding passive investing, stating that the proposal is inconsistent with MSCI's role as a standard-setting body and raises concerns about its index neutrality.