Strive CEO Matt Cole sent a pointed letter to MSCI on September 25, contesting the index giant’s vague criteria for defining « operating entities. » The company, which holds over 7,500 BTC and ranks as the 14th-largest public corporate Bitcoin holder, risks exclusion from indexes guiding trillions of dollars in passive investments. In August 2026, MSCI launched a fresh consultation exploring multi-ratio financial screens that could disadvantage firms like Strategy and Metaplanet. Strive is requesting that MSCI establish transparent and replicable criteria for determining operating-entity status. The consultation feedback deadline is October 16, with results expected to influence the November 2026 index review.
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