Michael Saylor, executive chairman of Strategy, has responded to the ongoing MSCI index review, using it to once again emphasize his company’s long-term commitment to Bitcoin. According to Saylor, even the possibility of being removed from major indices such as the Nasdaq 100 does not change their mission or their conviction in BTC.
Key Highlights
- Saylor reaffirms Strategy’s long-term Bitcoin strategy.
- He rejects the idea that Strategy is a fund, trust, or holding company.
- MSCI may remove Strategy from its indices due to heavy Bitcoin reserves.
Saylor Reinforces Strategy’s Bitcoin Vision Amid MSCI Review
In a recent post on X, Saylor stated that index classifications do not define the company, adding that their commitment to Bitcoin remains “unwavering.” He stressed that Strategy’s mission is to build the world’s first digital monetary institution on a foundation of sound money and financial innovation.
This statement follows an MSCI consultation on whether companies holding more than half of their reserves in crypto should remain in major equity indices. The MSCI has suggested that companies like Strategy resemble investment funds more than traditional operating businesses.
Saylor strongly disagreed, arguing that Strategy is not a fund, trust, or holding company. He highlighted that they operate as a publicly traded firm with a $500 million software business paired with a distinct Bitcoin-based treasury model that treats BTC as “productive capital.”
Strategy’s Expanding Bitcoin-Backed Operations
Saylor revealed that Strategy has conducted five public offerings of digital credit securities this year, raising over $7.7 billion in notional value. Their most recent STRE offering brought in $704 million, which the company used to buy more Bitcoin.
He also highlighted the launch of Stretch—a Bitcoin-backed treasury credit instrument designed to deliver variable monthly USD yield to both institutional and retail investors. Saylor described this product as “revolutionary.”
Saylor: “No Passive Fund or Holding Company” Matches Strategy’s Model
Saylor said passive vehicles such as funds or trusts simply hold assets, while holding companies sit on investments. By contrast, Strategy creates, structures, issues, and operates complex Bitcoin-backed financial products while continuing its software operations.
He argued that this puts Strategy in a separate category entirely: a Bitcoin-backed structured finance company innovating in both software and capital markets.
The MSCI is expected to announce its decision by January 15. If the organization classifies Bitcoin-heavy companies as funds or trusts, Strategy may be removed from major indices such as MSCI USA and MSCI World.
Shares of MSTR have fallen as uncertainty grows. TradingView data shows the stock trading near $174—down nearly 2% today and more than 11% over the last five days.
