Matt Cole, CEO of Strive, has criticized MSCI’s revised framework for classifying companies in its indices. The index giant had proposed in 2025 to exclude companies where more than 50% of assets consisted of digital assets, before opting for broader consultation in January 2026. Cole argues that companies actively using capital markets to build Bitcoin treasuries are conducting real operating activities. This classification determines inclusion in indices tracked by trillions of dollars in passive investment. Exclusion from a major index would force index funds, ETFs, and institutional portfolios to sell their shares.
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