Technique Submits Formal Response to MSCI Proposal on Digital Asset Treasury Corporations

Technique Inc. has submitted a proper response to MSCI relating to the index supplier’s proposed rule that may exclude corporations from its International Investable Market Indexes if digital property account for 50% or extra of whole steadiness sheet property.

Michael Saylor, Government Chairman and Founding father of Technique, confirmed the submission in a public assertion on X.

The letter, dated December tenth, 2025, was addressed to the MSCI Fairness Index Committee and responds to MSCI’s session on a proposed eligibility check for corporations categorised as Digital Asset Treasury Corporations (DATs). 

The proposal would apply to corporations whose steadiness sheets are primarily composed of Bitcoin and digital property.

Technique’s Characterization of Digital Asset Treasury Corporations

In its response, Technique states that DATs ought to be categorised as working corporations slightly than funding funds. 

The corporate describes its enterprise mannequin as actively utilizing digital asset holdings, primarily Bitcoin, to assist monetary merchandise and capital markets exercise. 

These choices embody each fairness and fixed-income devices designed to supply various levels of financial publicity to Bitcoin.

Technique additionally argues that prime asset focus has traditionally not been a foundation for exclusion from MSCI indices for corporations in different industries. 

In its letter, the corporate references sectors akin to oil, mining, utilities, actual property, timber, and mental property, the place corporations might maintain a majority of property in a single class whereas remaining eligible for inclusion.

Objections to the 50% Digital Asset Threshold

Technique’s letter describes the proposed 50% digital-asset threshold as discriminatory, arbitrary, and troublesome to implement. 

The corporate states that volatility in Bitcoin and digital asset costs might result in repeated adjustments in index eligibility. 

It additionally factors to variations between U.S. GAAP and worldwide IFRS accounting requirements, which might lead to inconsistent therapy of equally structured corporations throughout jurisdictions.

The letter additional argues that the proposal would require further oversight mechanisms for asset valuation, threshold monitoring, and compliance enforcement that aren’t presently a part of MSCI’s methodology.

Index Methodology and Neutrality

Technique asserts that MSCI’s proposal introduces coverage issues into an index framework that has historically been offered as impartial and market-representative. 

The corporate states that selectively making use of eligibility requirements primarily based on Bitcoin and digital asset publicity might have an effect on how sure enterprise fashions are represented inside broad fairness benchmarks.

Technique additionally contends that the proposal might result in lowered illustration of digital-asset-focused corporations inside extensively used indices.

Market and Coverage Context Referenced within the Letter

The response letter references latest U.S. federal coverage developments associated to Bitcoin and digital property, together with initiatives tied to digital asset infrastructure, retirement funding entry, and nationwide reserve methods. 

Technique states that excluding DATs from main indices might have an effect on capital flows into the sector and alter passive funding publicity.

Citing third-party evaluation, Technique notes that corporations with massive digital asset holdings might face vital compelled promoting if faraway from main benchmarks. 

The corporate additionally states that Bitcoin mining corporations and different digital-asset-intensive companies may very well be not directly impacted by the proposed rule.

Request for Extra Evaluate

Within the closing part of its letter, Technique urges MSCI to not undertake the proposal in its present kind and requests that the session course of be prolonged to permit further business suggestions. 

The corporate compares the present growth stage of digital asset treasury methods to earlier intervals of technological transition in industries akin to telecommunications and web infrastructure.

The letter was signed by Michael J. Saylor, Government Chairman and Founder, and Phong Le, President and Chief Government Officer of Technique Inc.