Phong Le, CEO of Strategy, argues that MSCI’s proposed exclusion of companies with over 50% crypto on their balance sheets resembles expelling international energy firms like Chevron for holding oil.
In October, the MSCI Index announced it was consulting with the investment community about potentially excluding Bitcoin and other digital asset treasury companies (DATs) with a majority of their balance sheet in crypto.
During an interview with the Schwab Network, a streaming market-analysis platform, Le stated his respect for the indexes but criticized MSCI’s viewpoint as “misinformed and misguided.”
He noted that Chevron has over half its assets in oil, Weyerhaeuser holds a significant portion in timber, and Simon Property Group maintains a substantial stake in real estate, yet none face exclusion.
Phong Le joined @SchwabNetwork to discuss the $60T digital credit opportunity and response to MSCI. Restricting passive index investment in bitcoin today would be like restricting investment in oil and oil rigs in the 1900s, spectrum and cell towers in the 1980s, or compute and… pic.twitter.com/3VcYnF5nE4
— Strategy (@Strategy) December 10, 2025
“It appears premature to select winners and losers and hinder innovation in such a nascent category,” Le remarked.
“This would be akin to declaring in the 1980s that telecom companies shouldn’t construct cell towers and spectrum, or suggesting three years ago that AI companies refrain from investing in LL labs and high-performance computation.”
MSCI’s stance is a mischaracterization: Strategy CEO
Le pointed out that other elements of the MSCI proposal, like labeling Strategy and other digital asset firms as funds rather than operating companies, are also erroneous.
The MSCI notes some feedback has suggested that DATs can “exhibit characteristics similar to investment funds, which are currently ineligible for index inclusion.”
“I’ve been CFO since 2015, Michael Saylor founded the company in 1989, we’ve been public since 1998, I’m involved day-to-day, and we are unequivocally an operating company in a legal corporate framework,” Le stated.
Strategy letter states MSCI proposal lacks neutrality
Le’s remarks coincided with the release of Strategy’s letter to MSCI, contesting the proposal on the grounds that it would bias the MSCI against crypto as an asset class, rather than serving as a neutral referee.
Related: Strategy’s Bitcoin treasury surpasses 660,000 BTC following additional $962M purchase
The MSCI consultation remains open until December 31, with findings to be publicized on January 15 next year, and any alterations to be implemented in February.
Charlie Sherry, the finance head at Australian crypto exchange BTC Markets, informed Cointelegraph last month that MSCI typically initiates consultations like this only when they are predisposed towards implementation.
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