Bitwise defends Michael Saylor’s Strategy, urges MSCI to remain neutral on excluding digital asset treasuries from global indexes.
Crypto ETF issuer Bitwise has expressed support for Michael Saylor’s digital asset treasuries (DATs) and criticized MSCI’s proposed rule. Bitwise argues that MSCI’s proposal introduces subjective criteria in an otherwise objective process.
The company believes this rule unfairly targets the crypto industry and limits investor exposure to digital assets.
Bitwise’s Disagreement with MSCI’s Proposal
Bitwise disagrees with MSCI’s potential exclusion of DATs from its global indexes. The firm described the rule change as subjective, which conflicts with the objective, rule-based nature of indexes.
MSCI’s proposal would exclude companies like Saylor’s Strategy if they hold more than 50% of their reserves in crypto. Bitwise views this as unfairly targeting the crypto sector.
MSCI’s proposal uses a 50% balance-sheet threshold for index eligibility.
51% in real estate or equities = Included ✅
51% in Bitcoin = Excluded 🚫Why are digital assets being singled out?
Join the call for MSCI to withdraw this rule:
👉 https://t.co/ylANZGMn4r pic.twitter.com/6gcACCxwgs— Bitcoin For Corporations (@BitcoinForCorps) December 12, 2025
Historically, indexes have included companies with concentrated exposure to a single asset.
Bitwise argues that the new rule would break from this precedent, especially for the crypto industry. The firm believes that indexes should reflect the market as it is, not exclude certain models based on asset allocation.
Phong Le, CEO of Strategy, has also raised concerns about the rule. He pointed out that companies in traditional industries, like oil and gold, don’t face similar scrutiny. Bitwise echoed this sentiment, calling the rule arbitrary and overly biased against crypto businesses.
The Role of Digital Asset Treasuries in the Economy
Bitwise acknowledged the role of Saylor’s Strategy in the modern economy. The firm believes that DATs provide value to shareholders in ways that Bitcoin ETFs cannot.
It emphasized that Strategy’s approach demonstrates the growing importance of digital assets in global finance.
Bitwise supports @Strategy inclusion in MSCI's Global Investable Market Indexes. https://t.co/TXtKb8SvAN pic.twitter.com/sOa4v6sCyh
— Bitwise (@BitwiseInvest) December 11, 2025
Bitwise sees digital asset treasuries, especially those holding large amounts of Bitcoin, as key players in the financial landscape. The firm believes that excluding such companies would limit access to this growing sector.
For Bitwise, the operations of Strategy highlight the potential of digital asset-focused businesses.
The firm urged MSCI to reconsider the rule change. Bitwise asked MSCI to uphold its neutrality, ensuring that its indexes reflect the evolution of the financial system.
Related Reading: Saylor’s Strategy Won’t Be Forced To Sell Bitcoin, Even In Bad Times, BitWise CIO Says
Call for Neutrality and Investor Protection
Bitwise also highlighted the negative effects the rule could have on investors. If MSCI excludes crypto-heavy companies, investors may lose exposure to important digital assets, like Bitcoin. Bitwise warned that such a move would deprive investors of valuable opportunities.
In response, a petition has emerged against MSCI’s proposal. It has gathered significant support, with over 600 signatures in just one day. This growing support underscores the concern within the financial community over the exclusion of crypto companies from indexes.
Bitwise urged MSCI to remain neutral in its index-building process. The firm called for indexes that faithfully reflect the market, allowing investors to access all sectors, including crypto.
