Attempt Asset Administration is pushing again in opposition to MSCI’s newest proposal. The index supplier prompt eradicating firms with bitcoin holdings over 50% of whole belongings from main fairness benchmarks.
In a letter to MSCI CEO Henry Fernandez, Attempt warned the plan may create uneven outcomes worldwide. Corporations report bitcoin in a different way beneath U.S. GAAP and IFRS accounting requirements. Attempt mentioned this might result in inconsistent outcomes for companies with related publicity.
The Nasdaq-listed agency urged MSCI to depend on non-obligatory “ex-digital-asset treasury” index variants as a substitute of redefining eligibility for broad benchmarks. These customized indexes exist already for sectors like vitality and tobacco.
Attempt is the 14th-largest public company bitcoin holder, with greater than 7,500 BTC on its stability sheet. Its executives argued that the proposal would “depart from index neutrality” and requested MSCI to “let the market determine” how bitcoin-heavy companies are handled.
Co-founded by Vivek Ramaswamy and Anson Frericks in 2022, Attempt has a mission to “depoliticize company America.”
MSCI’s ruling have an effect on on firms like Attempt and Technique
The rule change may have an effect on main gamers like Technique, which holds 650,000 BTC. JPMorgan estimates MSCI’s exclusion may set off $2.8 billion in passive outflows from Technique alone. If different index suppliers comply with go well with, the whole may rise to $8.8 billion.
Attempt’s letter criticized the 50% threshold as “unjustified, overbroad and unworkable.” Many bitcoin treasury firms function actual companies.
These embrace AI information facilities, structured finance, and cloud infrastructure. Miners equivalent to MARA, Riot, Hut 8, and CleanSpark are pivoting into renting extra energy and compute capability.
The agency drew comparisons to different industries. Indexes don’t exclude vitality firms with massive oil reserves or gold miners whose worth relies on metals. Making use of a bitcoin-specific rule, Attempt argued, imposes an funding judgment on benchmarks meant to stay impartial.
Executives additionally highlighted market volatility and accounting variations. Bitcoin’s worth swings may push firms out and in of eligibility from quarter to quarter. Derivatives or structured merchandise additional complicate publicity calculations.
Attempt warned that strict guidelines may push innovation overseas. U.S. markets could face penalties, whereas worldwide firms profit from IFRS therapy. The agency believes the proposal could stifle new bitcoin-backed monetary merchandise.
MSCI plans to announce its resolution on January 15, 2026, earlier than the February index evaluate. Attempt is amongst a number of companies lobbying in opposition to the proposal. Its argument facilities on equity, neutrality, and market selection fairly than proscribing investor entry.
Final week, Technique’s Michael Saylor disputed MSCI index disputes and clarified that Technique is a publicly traded working firm with a $500 million software program enterprise and a treasury technique utilizing Bitcoin, not a fund, belief, or holding firm.
