Strategy Letter to MSCI Challenges Proposed Index Screen
Michael Saylor and Phong Le sent a 31 August letter opposing MSCI's non-operating asset screen that could affect Strategy's inclusion in equity indexes.
What is new
Strategy sent MSCI a letter dated 31 August 2026 signed by Michael Saylor and Phong Le.
The letter opposes the proposed non-operating asset screen that could remove Strategy from major equity indexes.
It calls the rule discriminatory and warns of reputational harm to MSCI if the screen is adopted.
Basis of the challenge
Strategy challenged MSCI's proposed non-operating company screen by citing MSCI's August 2022 letter to the SEC, in which the index provider stated it expresses no opinion on whether any company or investment is good or bad.
The company noted that its latest 10-Q lists two operating segments, Software and Bitcoin, with the Bitcoin segment covering treasury operations, acquisitions, capital markets, and capital management.
Scale and timeline
Strategy stated that the affected float-adjusted market capitalization totals $27.549 billion, of which MicroStrategy accounts for $23.931 billion or 86.9 percent.
MSCI's consultation runs through September 30, with a decision expected by October 16 and proposed implementation in the November 2026 Index Review.
Strategy requested MSCI place a legal hold on documents related to the methodology but has not filed litigation.
What remains unknown
The consultation remains open through 30 September with a final decision expected 16 October.