.Matt.cole.

Chairman & CEO @Strive
Christ, Liberty, Bitcoin
$ASST $SATA @hurdleratepod

[Matt Cole @ColeMacro]

A quick rewind: last year, MSCI proposed excluding companies from its broad-based indexes if digital assets represented 50% or more of total assets. Strive pushed back in the article below, arguing that a blunt asset threshold could misclassify operating companies as investment funds and make broad-market indexes less representative of the market they are intended to track. There was also broad pushback across the Bitcoin and capital markets industry around many of the same concerns.

Fast forward to today, and I have what may be a contrarian view in the industry: MSCI is listening. Their new proposal is a meaningful improvement. Rather than singling out Bitcoin or digital assets, MSCI is now attempting to distinguish operating companies from non-operating entities using a broader set of financial and operating characteristics. That is a significant reframing and addresses many of the concerns raised by Strive and others across the industry last year.

It still gets the most critical part of the answer wrong. Companies using structured finance, capital markets and operating activities to build and manage substantial Bitcoin treasuries are operating companies, and the proposed framework can still classify them otherwise. But the fact that MSCI has already moved this far is a good reason to keep engaging. Thoughtful engagement on the merits can change frameworks, and I think there is still room for further improvement here, whether in this consultation or over time as institutional understanding of these companies develops.

The purpose of a broad-based index is to give investors exposure to the market as it actually exists and evolves. We believe companies with significant Bitcoin exposure are an increasingly important part of that market, particularly in a world where fiat currency debasement is eroding purchasing power and AI is increasingly challenging traditional corporate moats. Bitcoin and this industry will continue to develop regardless of any individual index methodology, but MSCI plays an important role in how investors access broad market exposure, which is why getting the framework right matters.

Our interest also goes beyond Strive's own index eligibility. Strive's clients have direct exposure to MSCI through our ETFs, giving us a fiduciary responsibility to advocate for decisions that maximize MSCI's long-term shareholder value. If broad-market indexes become less representative of important parts of the market, that can ultimately hurt both index investors and MSCI shareholders.

We are still reviewing the proposal and do not want to prescribe the final answer before completing that work. We expect to engage constructively with MSCI and others across the industry as we formulate our response. We will disagree where appropriate and make that case forcefully on the merits, but MSCI has shown a willingness to listen and materially evolve its approach. That is worth recognizing, and it is a good reason to keep the engagement going.

[Matt Cole @ColeMacro]

The mission is simple: take this thing to the moon. 🚀

[Matt Cole @ColeMacro]

Probably nothing. I don’t make the rules.

[Matt Cole @ColeMacro]

Strive acquired an additional 79 $BTC for $5.0M at $63,231 per bitcoin, bringing total holdings to 20,246 BTC.

$ASST $SATA

[Strategy @Strategy]

Even at a hypothetical $21k $BTC price, every Strategy debt and preferred instrument remains above a 1.0x BTC Rating. Explore the new BTC Floor metric: https://t.co/JguVjDvupI

[Michael Saylor @saylor]

Bitcoin has won. Global consensus is that $BTC is digital capital. The four-year cycle is dead. Price is now driven by capital flows. Bank and digital credit will determine Bitcoin’s growth trajectory. The biggest risk is bad ideas driving iatrogenic protocol changes.

[Michael Saylor @saylor]

Take a ₿ite

[Michael Saylor @saylor]

Captain Strategy

[Michael Saylor @saylor]

The Inaugural Bitcoin Treasuries Unconference https://t.co/0KE0LNmIGP

[Michael Saylor @saylor]

Orange Is the New ₿lack

[Michael Saylor @saylor]

Strike Your Balance $STRK 🟧

[Michael Saylor @saylor]

Bitcoin: One Giant Leap for Mankind

[Michael Saylor @saylor]

My discussion with @NatBrunell on the digital transformation and reinvigoration of capital markets through digital credit instruments — $STRK $STRF $STRD $STRC — built on $BTC digital capital.

[Michael Saylor @saylor]

My keynote on Wednesday at the Bitcoin Treasuries Conference covered the rise of Digital Treasury Companies — based on Digital Assets, built with Digital Intelligence, issuing Digital Securities (Equity & Credit) backed by Digital Capital (Bitcoin) — for the Digital Economy.

[Michael Saylor @saylor]

The Orange Dots go up and to the right.

[Michael Saylor @saylor]

Strategy has acquired 850 BTC for ~$99.7 million at ~$117,344 per bitcoin and has achieved BTC Yield of 26.0% YTD 2025. As of 9/21/2025, we hodl 639,835 $BTC acquired for ~$47.33 billion at ~$73,971 per bitcoin. $MSTR $STRC $STRK $STRF $STRD https://t.co/rG5pvryeYL

[Michael Saylor @saylor]

Strength in Strife $STRF 🟧

[Michael Saylor @saylor]

Bitcoin is money. Everything else is credit.

[Michael Saylor @saylor]

Today with @MorganLBrennan, I discussed the differences between Bitcoin, Gold, and other crypto networks — and the rise of Digital Treasury Companies, Digital Credit, and Digital Finance.

[Michael Saylor @saylor]

₿et on Orange