Strategy Takes on MSCI as $60T Bitcoin Credit Thesis Collides With MSTR Cycle Signal

Strategy is pressing MSCI to treat bitcoin treasury companies neutrally in its indexes while CEO Phong Le warns that restricting passive exposure now would repeat past mistakes made with earlier infrastructure booms. At the same time, a widely shared MSTR chart maps a repeating 474-day pattern that traders use to frame potential price targets into 2026.

Strategy Urges Neutral MSCI Standards for Digital Asset Treasury Firms

Strategy said it has submitted a formal response to MSCI’s consultation on how to treat digital asset treasury companies in its indexes. The firm argued that index standards should stay neutral, apply consistently across issuers, and reflect how global markets are evolving toward digital assets.

In its letter, Strategy called on MSCI to avoid penalizing companies that hold Bitcoin or other digital assets as part of their corporate treasury strategy. Instead, it asked the index provider to maintain rules that focus on transparent disclosures and comparable treatment across sectors.

The company also invited investors and industry participants to read the submission and share their support through its website, saying broader feedback can help shape how digital asset treasury firms appear in major benchmarks.

Strategy CEO Phong Le Frames MSCI Debate as Barrier to Broad Digital Credit Growth

Strategy CEO Phong Le told Schwab Network that restricting passive index investment in bitcoin now would echo past policy missteps that held back transformational technologies. He said excluding digital-asset treasuries from major indexes is “misinformed and misguided,” and risks stifling market innovation at a time when global digital credit could grow toward a $60 trillion opportunity.

Le compared MSCI’s proposal to bar companies with large bitcoin holdings from passive benchmarks to past efforts that would have blocked investment in oil and oil rigs in the early 1900s, spectrum and cell towers in the 1980s, or computing and data centers in the 2000s. He argued that picking winners and losers too early can slow adoption of foundational technologies.

He also defended Strategy’s corporate structure, saying digital-asset treasury companies should be viewed as operating firms, not funds, and that indexes should treat them consistently with other sectors. The MSCI consultation runs through Dec. 31, with any changes expected in early 2026. 

MSTR Chart Flags Repeating 474-Day Pattern With 2026 Price Targets

Meanwhile, a chart shared by trader Ryan Hogue plots Strategy’s MSTR share price inside a rising channel and marks three equal spans of 474 days between major inflection points. The first interval runs from the early 2021 peak to the start of 2023, while the second stretches into late November 2024. Now the chart projects a third 474-day window that extends to mid-October 2026.

MSTR Long Term Cycle Projection. Source: Ryan HogueWithin that structure, Hogue draws several parallel trendlines that frame the recent rally and extend them forward to estimate possible levels if the pattern holds. The projected band places MSTR near about 1,360 dollars on the lower line, 1,900 dollars in the middle, and roughly 2,775 dollars at the upper boundary by October 2026. The current price action, highlighted on the right side of the chart, tracks along the channel after a sharp advance, suggesting that bulls see previous cycle behavior as a rough template for the next phase.