Strive Inc. CEO Matt Cole sent a letter to MSCI on September 25, 2026, challenging the index provider's proposal to classify companies based on their operating assets. The dispute concerns whether firms holding significant amounts of Bitcoin should remain in the Global Investable Market Indexes.
Strive currently holds over 7,500 BTC, making it the 14th-largest public corporate holder of the cryptocurrency. Cole argues that MSCI's current definition of operating assets is overly vague and could lead to the inconsistent exclusion of companies that use Bitcoin as part of an active treasury management strategy.
MSCI previously attempted to restrict companies with digital asset holdings exceeding 50% of total assets in December 2025, but abandoned the plan in January 2026 following industry criticism. In August 2026, the firm launched a new consultation on using financial ratios to classify public companies.
Companies such as Strategy and Metaplanet may face removal from MSCI indexes if they fail the proposed financial screens. Strive has requested that MSCI establish transparent and replicable criteria for determining operating-entity status.
Feedback for the current MSCI consultation is due by October 16, 2026. The results are expected to impact the index review scheduled for November 2026.
