Michael Saylor responded to recent reports warning that the strategy could face negative outflows in the billions if MSCI excludes the company from major stock indices.
In a statement on X, Saylor He said This strategy is “not a fund, not a trust, and not a holding company.” He described the company as a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses bitcoin as production capital.
Saylor highlighted the company’s recent activity, including five public offerings of digital credit securities — $STRK, $STRF, $STRD, $STRC, and $STRE — representing more than $7.7 billion in face value.
He also pointed to Stretch ($STRC), a bitcoin-backed credit instrument that offers variable monthly returns in US dollars to institutional and retail investors.
“Funds and trusts passively hold assets. Holding companies sit on investments. We create, build, issue and operate,” Saylor wrote. “No passive vehicle or holding company can do what we do.”
He described the strategy as a new type of organization: a bitcoin-backed structured finance company that innovates in both capital markets and software.
Saylor added that the index rating does not define a company. “Our long-term strategy, our belief in Bitcoin is unwavering, and our mission remains unchanged: to build the world’s first digital monetary institution based on sound money and financial innovation.”
Will the strategy be removed from the Nasdaq 100?
The statement comes as JP Morgan analysts warned that MSCI’s potential exclusion of the strategy from major indices could result in outflows of $2.8 billion, rising to $8.8 billion if other index providers follow suit.
Strategy’s market capitalization is approximately $59 billion, with approximately $9 billion held in passive index trackers. Analysts said that any exclusion could increase selling pressures, expand financing margins and reduce trading liquidity.
The strategy’s inclusion in indices such as the Nasdaq 100, MSCI USA, and MSCI World has long helped channel Bitcoin trading into mainstream portfolios. However, MSCI is reportedly evaluating whether companies with significant holdings of digital assets should remain within traditional equity parameters.
Market participants increasingly see companies with heavy digital assets as akin to investment funds, and are not eligible for inclusion in the index.
Despite all of Bitcoin’s recent volatility and concerns about potential outflows, the company continues to pursue its long-term vision of a Bitcoin-backed financial institution, with the goal of creating new financial products and a native digital cash institution.
On October 10, Bitcoin and the broader cryptocurrency market collapsed. Some believe that the reason for this is Trump’s threat to impose tariffs on China, but… Some argue The broader collapse occurred when MSCI announced it was reviewing whether companies that hold cryptocurrencies as an underlying business, such as MSTR, should be classified as “funds” rather than operating companies. Some argue that the “smart money” anticipated this risk immediately after the MSCI announcement, leading to a sharp market decline, with the outcome now hinging on MSCI’s decision on January 15, 2026.
Trillions of dollars in Bitcoin
Earlier this year in an interview with Bitcoin MagazineSaylor outlined an ambitious vision to build a trillion-dollar Bitcoin balance sheet, and use it as the basis for reshaping global finance.
He envisions amassing $1 trillion worth of Bitcoin and growing it by 20-30% annually, taking advantage of the long-term appreciation in value to create a massive store of digital collateral.
From this base, Saylor plans to issue bitcoin-backed credit with yields much higher than traditional fiat systems, perhaps 2-4% higher than corporate or sovereign debt, providing safer and more collateralized alternatives.
This is expected to revitalize credit markets, stock indices and corporate balance sheets while creating new financial products, including high-yield savings accounts, money market funds and insurance services denominated in bitcoin.
At the time of writing, Bitcoin is experiencing intense levels of selling pressure and its price is falling near the $80,000 range. Bitcoin’s all-time high was reached just six weeks ago when prices topped $126,000.
Strategy’s stock, $MSTR, is trading at $167.95, down more than 5% on the day and up more than 15% over the past five trading days.
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