Strive Asset Management is pushing back against MSCI’s latest proposal. The index provider suggested removing companies with bitcoin holdings over 50% of total assets from major equity benchmarks.

In a letter to MSCI CEO Henry Fernandez, Strive warned the plan could create uneven results worldwide. Companies report bitcoin differently under U.S. GAAP and IFRS accounting standards. Strive said this could lead to inconsistent outcomes for firms with similar exposure.

The Nasdaq-listed firm urged MSCI to rely on optional “ex-digital-asset treasury” index variants instead of redefining eligibility for broad benchmarks. These custom indexes already exist for sectors like energy and…

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