Strategy (MSTR) shares are under renewed pressure as concerns mount over a potential MSCI exclusion, prompting executive chairman Michael Saylor to address investor worries for the second time in two weeks.
Last Friday, Saylor dismissed rumors that the company was selling bitcoin, calling them “not true.” Market nerves resurfaced on Thursday after JPMorgan warned that an upcoming MSCI decision could remove MSTR from major equity indices, potentially triggering further volatility.
Responding on X, Saylor defended Strategy’s standing within the MSCI framework, emphasizing that the company is a publicly traded operating entity with a $500 million software business at its core.
“Strategy is not a fund, not a trust, and not a holding company. We are a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses bitcoin as productive capital,” Saylor said.
He added that, unlike passive funds or trusts, Strategy actively creates, structures, and issues products, positioning itself as a bitcoin-backed structured finance enterprise.
“This year alone, we completed five public offerings of digital credit securities—STRK, STRF, STRD, STRC, and STRE—representing more than $7.7 billion in notional value,” Saylor noted, stressing that no passive vehicle or holding company could replicate Strategy’s model.
MSTR shares fell another 3% on Friday, trading near $171.
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