Part 5/13:
In a bold and unusual move for a public company, Strategy issued a detailed letter to MSCI, strongly opposing the proposed rule. The company argued that it is fundamentally a business operating in capital markets, not an investment fund, and that its model uses a Bitcoin-backed treasury for strategic financial management, not passive “holding.” They emphasize that their structure includes no management fees, redemption rights, or mandates to track BTC, differentiating them from the investment funds MSCI's framework aims to exclude.