Michael Saylor, executive chairman of Strategy Inc., has expressed concerns over potential restrictions on passive index exposure to bitcoin. He compared such limitations to previous investment restrictions in foundational infrastructure.
“Restricting passive index investment in $BTC today would be like restricting investment in oil and oil rigs in the 1900s, spectrum and cell towers in the 1980s, or compute and data centers in the 2000s,” said Saylor.
According to Saylor, the debate centers around whether crypto-heavy public companies should be classified as operating firms or investment vehicles within mainstream benchmarks. This discussion comes as MSCI consults on rules that could impact companies with significant digital-asset holdings, potentially affecting passive fund demand linked to index inclusion.
MSCI is currently considering a proposal to exclude publicly traded companies whose digital asset holdings exceed 50% of their total assets from certain global stock indexes. The organization argues that these companies may resemble investment funds more than traditional operating businesses. Reuters reported that the consultation period will continue until mid-January 2026, with analysts warning that the proposed changes could lead to significant passive outflows for affected firms like Strategy Inc.
Strategy Inc., formerly known as MicroStrategy Incorporated, officially changed its legal name effective August 11, 2025. This rebranding is part of a broader brand simplification strategy announced earlier in the year and emphasizes the company’s position as a major corporate bitcoin holder alongside its software business roots.
The investor-relations biography of Strategy states that Michael Saylor has been serving as Executive Chairman since August 2022 and is the company’s founder. He previously held the position of chief executive officer from 1989 to 2022 and continues to serve as chairman of the board since founding the firm. Saylor remains a prominent public advocate for Strategy’s bitcoin-focused treasury approach.
