Resistance Against MSCI: Over 1,000 Companies Protest Bitcoin Treasury Exclusion

Broad Coalition Forms Against MSCI Index Change

Resistance to index provider MSCI's planned changes is gaining significant momentum. As reported by the Bitcoin for Corporations initiative on December 16, 2025, more than 1,000 companies and investors have now joined a coalition opposing the proposed exclusion of firms with Bitcoin treasuries from MSCI indices ^[1].

The group is challenging MSCI's proposal to exclude publicly traded operating companies from the MSCI Global Investable Market Indices once digital assets account for at least fifty percent of total assets and the core business is classified as digital treasury activity ^[1].

Prominent Signatories Mobilize

Signatories include Strategy, the world's largest Bitcoin treasury company founded by Michael Saylor, Strive Asset Management, co-founded by Vivek Ramaswamy, and Metaplanet, Japan's leading Bitcoin treasury company ^[1]. Additionally, hundreds of private and institutional investors support the initiative, which states it relies on neutral and market-representative index criteria ^[1].

Allegations of Discrimination

Bitcoin for Corporations criticizes that the proposed rule exclusively targets digital assets, while companies with high concentrations in real estate, commodities, or cash would remain index-eligible ^[1]. In a statement, Managing Director George Mekhail explained that MSCI has traditionally defined companies based on their operating activities, not individual balance sheet items. A treasury strategy approved by shareholders should not lead to removal from global equity indices ^[1].

Strategy called the proposal misguided in its formal submission to MSCI, describing it as a discriminatory and arbitrary threshold ^[1]. Digital treasury companies are operating business models, not investment funds ^[1]. Strive Asset Management also warned MSCI CEO Henry Fernandez in a letter about violations of the principle of index neutrality and potential competitive disadvantages for U.S. markets ^[1].

Solana Ecosystem in Court

Parallel to the index disputes, litigation surrounding the memecoin platform Pump.fun is escalating in the U.S. District Court for the Southern District of New York ^[2]. A consolidated class action lawsuit filed on July 22, 2025, estimates losses to retail investors at $4 to $5.5 billion and raises securities law violations along with claims under the RICO Act for the first time ^[2].

Plaintiffs allege that Pump.fun built a structure under the guise of a launchpad that, according to their representation, violates U.S. securities laws and RICO Act provisions ^[2]. The RICO Act is only applied in the United States for prosecuting organized crime ^[2].

Lawsuit Significantly Expanded

The lawsuit has been substantially expanded from its original version filed on January 30, 2025 ^[2]. In addition to the London-based Baton Corporation Ltd. and its co-founders, it now also targets Solana Labs, the Solana Foundation, and executives including Anatoly Yakovenko, Raj Gokal, and Lily Liu ^[2].

Judge Colleen McMahon ruled that plaintiffs may file a second amended complaint ^[2]. The deadline is December 19, 2025, with defendants' motions to dismiss due by January 23, 2026 ^[2]. Meanwhile, SOL's price slipped 0.5 percentage points over the past 24 hours to currently $127 ^[2]. Compared to the previous month, the seventh-largest cryptocurrency is down approximately ten percent ^[2].