December 10, 2025, Strategy, a leading company in the digital asset sector, submitted an official response to MSCI’s Digital Asset Holdings Consultation. The company’s central request is for index rules to remain neutral, fair, and consistent, and to avoid creating separate or detrimental policies for Bitcoin and other digital assets.
This debate stems from an MSCI proposal aimed at excluding companies with digital asset holdings exceeding 50% of total assets from its global equity benchmark indices. MSCI argues that digital asset treasury companies like Strategy resemble investment funds more than traditional operating businesses.
01 Key Issue: MSCI’s 50% Threshold and Strategy’s Opposition
MSCI, as a global leader in index compilation, provides equity indices that serve as benchmarks for many passive investment funds. The proposed new rule draws a clear line: if digital assets account for more than 50% of a company’s total assets, that company will be excluded from the index.
This rule directly impacts "digital asset treasury" firms like Strategy. Strategy is currently the world’s largest publicly known Bitcoin holder, with approximately 660,624 BTC—valued at nearly $61 billion as of the latest reports.
Analysts at JPMorgan estimate that if Strategy is ultimately removed from MSCI’s indices, it could trigger about $2.8 billion in passive fund outflows. If other index providers follow suit, the total sell-off could be even more significant.
02 Core Arguments: Rule Contradictions and Market Volatility Risks
In its formal response to MSCI, Strategy presented a multi-faceted rebuttal, focusing on the inherent contradictions in the proposed rule and its potential negative consequences.
Strategy first warned that this rule would lead to sharp and frequent index volatility. The prices of digital assets like Bitcoin are inherently volatile, and differences in accounting standards (such as IFRS and U.S. GAAP) affect asset valuation methods. This could cause qualifying companies to "rapidly enter and exit" major indices within short periods.
Additionally, Strategy argued that the move runs counter to U.S. government policies promoting digital asset innovation. Excluding innovative companies deeply involved in the crypto ecosystem from mainstream financial markets could send a message at odds with policy encouragement.
03 Industry Perspective: Gate Exchange’s Index Inclusion Potential
The debate between Strategy and MSCI reflects a broader challenge faced by the crypto asset industry as it seeks integration with traditional finance. This issue affects not only asset-holding companies but also core builders of the crypto ecosystem, such as cryptocurrency exchanges.
Take leading exchange Gate, for example. Its development trajectory demonstrates the potential for crypto companies to meet the rigorous standards of traditional finance. Industry analysis indicates that Gate has achieved major milestones, satisfying all technical requirements for inclusion in major stock market indices.
These achievements include incorporation in relevant jurisdictions, maintaining high liquidity, reaching substantial market capitalization, and demonstrating sustained profitability in recent quarters. Notably, Gate reported $1.4 billion in unrealized gains last quarter, meeting the profitability criteria set by prestigious indices.
04 Market Impact: The "Index Effect" and Capital Flows
Index inclusion is far more than a matter of prestige—it directly influences substantial real capital flows. Research shows that companies added to major indices often experience price increases due to the "index effect."
For candidates like Gate, analysts predict that, if included, passive funds tracking the index would need to acquire nearly 50 million shares, which at current market prices amounts to approximately $1.6 billion.
This process would result in institutional investors, including pension funds, indirectly holding crypto assets through index exposure, ushering in profound structural changes and validation for the entire market.
05 Looking Ahead: Rule Evolution and Industry Maturity
MSCI is expected to issue its final decision on this consultation by January 15, 2026. The outcome will not only determine the fate of companies like Strategy but also set a crucial precedent for how the traditional financial system defines and accepts crypto asset firms.
Regardless of the result, crypto-native enterprises like Gate have demonstrated undeniable liquidity, profitability, and market presence. The performance of Gate’s platform token, GT, also reflects the ecosystem’s vitality. According to Gate platform data, the recent GT price stands at $10.51, with a 24-hour increase of 6.70%.
This marks the growing recognition and mainstream acceptance of digital assets and blockchain technology within the global financial landscape.
Outlook
As of December 11, Gate’s platform token GT is quoted at $10.51, with a market capitalization holding steady around $846 million. While the market continues to digest the debate between Strategy and MSCI, another crypto giant, BitMine, saw its stock quietly rise 2.3% in after-hours trading.
This slight movement is like a stone cast into a lake, with ripples spreading outward. Several mid-sized Wall Street fund investment committees have added a new agenda item: "Reassessing risk exposure to digital asset companies."
