Shares of Strategy (MSTR) are under renewed pressure as concerns over a potential MSCI exclusion mount, prompting executive chairman Michael Saylor to speak out again for the second time in two weeks.
Last Friday, Saylor dismissed rumors that the company was selling bitcoin, calling them “not true.” The market was rattled again on Thursday after JPMorgan warned that an upcoming MSCI decision could remove MSTR from major equity indices, potentially driving further volatility.
Saylor took to X to defend the company’s position, highlighting that Strategy is a publicly traded operating company 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,” he said.
He emphasized that unlike passive funds or trusts, Strategy actively creates, structures, and issues products, making it a bitcoin-backed structured finance enterprise.
“This year alone, we completed five public offerings of digital credit securities—STRK, STRF, STRD, STRC, and STRE—totaling over $7.7 billion in notional value,” Saylor added, noting that no passive vehicle could replicate Strategy’s achievements.
MSTR shares fell another 3% on Friday, trading around $171.
