'National Security' At Risk If MSCI Excludes Crypto Treasuries, Warns Bitcoin Giant Strategy

In brief

• Bitcoin treasury leader Strategy raised national security concerns in a letter to MSCI.
• Excluding crypto-buying firms would undermine the Trump administration, it said.
• The letter questioned MSCI’s neutrality in the eyes of regulators.

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Strategy argued in a letter sent to MSCI on Wednesday that excluding a number of crypto-buying firms from its indices could impact America’s ability to protect itself.

The Tysons Corner, Virginia-based firm raised national security concerns in its 12-page appeal to the global financial giant, pointing to the Trump administration’s pro-crypto stance.

“MSCI should decline to implement its proposal,” the letter states. “It would undermine the federal government’s goal of promoting digital assets while stifling innovation, impeding economic development, and harming national security.”

Strategy has submitted its response to MSCI’s consultation on digital asset treasury companies. Index standards should be neutral, consistent, and reflective of global market evolution. Read our letter and share your support:

— Michael Saylor (@saylor) December 10, 2025

In its letter, Strategy also underscored that crypto-buying firms are companies, not investment funds that are ineligible for inclusion. What’s more, the Bitcoin-buying firm described the 50% threshold as “arbitrary, discriminatory, and unworkable.”

JPMorgan warned last month that outflows from Strategy could total $2.8 billion if MSCI moves forward with its proposal, which would exclude companies whose digital asset holdings represent 50% or more of total assets from its products that guide allocations.

“MSCI’s proposal to exclude companies whose balance sheets consist of more than 50% digital assets is misguided and would have profoundly harmful consequences,” the letter stated.

Strategy’s letter noted that the Trump administration has prioritized “pro-innovation policies,” while positioning itself as a supporter of digital assets. That makes this “precisely the wrong moment to take steps that undermine this innovative technology,” the letter argued.

At one point, the letter highlighted a bevy of firms that began buying crypto this year, including Trump Media & Technology Group, the social media and technology firm that bears President Trump’s name.

Strategy’s letter warned that MSCI would be risking its perception of neutrality as an index provider, in the eyes of both regulators and market participants, if the firm were to establish index credibility criteria that is effectively “discriminating against one asset type.”

On Strategy’s website, the company asked readers to share the letter on LinkedIn and X, as well as providing them with a way to email MSCI about the topic directly.

Strategy changed hands above $184 by the end of trading Wednesday, down more than 2% day, according to Yahoo Finance. The company’s stock price has fallen nearly 53% over the past six months, as the hype fades around numerous crypto-buying firms that debuted this year.

In July, following the passage of stablecoin legislation, the White House said that “the GENIUS Act reinforces our national security” by subjecting stablecoin issuers to anti-money laundering rules, empowering agencies to combat illicit activity, and requirements like freeze functions.

Senator Elizabeth Warren (D-MA) raised national security concerns with the stablecoin bill itself in February, citing the ability for foreign actors to circumvent sanctions using the technology. She also said the bill would benefit a Trump-backed decentralized finance project called World Liberty Financial.

More broadly, Trump has characterized the nation’s embrace of crypto as crucial for the U.S. to maintain a technical edge against global adversaries like China.

“Now, China is getting into it very big,” he said in an interview with CBS last month. “I’m very proud to say that we are far and away ahead of China and everybody else.”