MSCI Proposal to Reclassify Bitcoin-Treasury Companies Draws Saylor Pushback
On Nov. 21, 2025 MSCI floated a proposal to treat firms that hold significant amounts of Bitcoin on their balance sheets as investment funds rather than operating companies. Michael Saylor publicly rejected the framing, saying these businesses have operational activities and merely use Bitcoin as a corporate treasury asset, not as an investment vehicle for outside investors. The reclassification could change how such companies are included in benchmarks and passively managed products, potentially altering index weights and investor flows. Saylor’s response signals likely pushback from corporates and market participants worried about valuation, reporting and regulatory consequences; MSCI’s consultation process will determine whether the proposal is revised or adopted.