Strategy is pushing back against MSCI’s proposal to add a new eligibility filter for “non-operating” companies in its Global Investable Market Indexes. According to Strategy, this isn’t just a routine methodology tweak—it’s a thinly veiled move to kick crypto treasuries (DATs) out of the benchmarks. MSCI floated the rule change idea in mid-August 2026. Strategy points out this is actually the second time MSCI has tried to drop DATs from its indexes.

What MSCI Wants to Change

MSCI wants to shake up how it builds its Global Investable Market Indexes by introducing a new eligibility rule for companies labeled as “non-operating.” The proposed language would update the methodology that decides which issuers make it into the index family. The initiative hit the discussion stage in mid-August 2026.

Strategy’s Take

Strategy argues that the new rules are really about targeting crypto treasuries (DATs) and forcing them out of the indexes. The firm calls the proposed change discriminatory, stressing that this is MSCI’s second attempt to boot DATs from its benchmarks.

The Debate

The fight centers on index methodology and the status of companies holding crypto treasuries. Whether these structures stay in MSCI’s indexes all comes down to how “non-operating” gets defined and how the new rules are applied.