Key Insights
- •Michael Saylor breaks the silence on Strategy’s delisting risks from MSCI USA and Nasdaq 100.
- •He stated that Strategy is not a fund, not a trust, and not a holding company.
- •MSTR stock wavers as Saylor affirmed the company will remain committed to accumulating Bitcoin.
Michael Saylor has addressed concerns regarding Strategy's potential delisting from major benchmarks like the MSCI USA and Nasdaq 100. He emphasized that Strategy is a publicly traded company that utilizes Bitcoin as productive capital, differentiating it from a fund or trust.
MSTR stock saw a rebound of nearly 1% on Friday following Saylor's clarification, as market participants had viewed digital-asset treasury firms like Strategy as investment funds.
Michael Saylor Explains Strategy's Business Model and Bitcoin Accumulation
In a recent X post, Michael Saylor elaborated on Strategy's long-term Bitcoin accumulation strategy. He asserted that index classification does not define the company, breaking the silence on the risks of delisting from indexes.
Saylor clarified that Strategy is not a fund, a trust, or even a holding company. Instead, it is an operating company with a $500 million software business and a treasury strategy focused on using Bitcoin as productive capital.
He further detailed that the company has successfully completed five public offerings of digital credit securities, including STRK, STRF, STRD, STRC, and STRE, which represent over $7.7 billion in notional value.
Saylor expressed his disagreement with the perception held by some market participants that digital asset treasury firms are more closely aligned with investment funds than with index constituents.
As previously reported, MSCI is currently deliberating on whether to exclude companies whose digital-asset holdings exceed 50% of their total assets.
Strategy's Evolution into a Bitcoin-Backed Structured Finance Company
Michael Saylor indicated that Strategy is transforming into a novel type of enterprise. He described it as a "Bitcoin-backed structured finance company with the ability to innovate in both capital markets and software."
He contrasted Strategy's active approach with that of funds and trusts, which passively hold assets, and holding companies, which primarily sit on investments. Strategy, conversely, is focused on creating, structuring, issuing, and operating assets.
Saylor reiterated that index classification does not define the company and reaffirmed their long-term Bitcoin accumulation strategy.
The company's conviction in Bitcoin remains strong, and they plan to continue purchasing Bitcoin. Strategy aims to establish the world's first digital monetary institution, built upon the principles of sound money and financial innovation.
MSTR Stock Performance Amid Market Pressures
MSTR stock experienced a surge of nearly 1% to $180 following Saylor's response to the delisting risk concerns. However, the stock later pared its gains, dropping back to $175.52 on Friday.
MSTR stock opened lower on the day after closing at $177.13 on Thursday. At the time of writing, the stock exhibited lower trading volume compared to its average trading volume of 12 million.
Strategy's stock performance has been impacted by the recent decline in Bitcoin prices. The stock's year-to-date return for 2025 has fallen to 38%, according to Yahoo Finance.
At the time of reporting, the price of Bitcoin was trading 7% lower at $84,085. It had previously fallen below $81K after BlackRock sold a portion of its BTC holdings.
The intraday low for Bitcoin was $80,659, and the intraday high was $91,572. A 62% increase in trading volume supported the subsequent rebound in Bitcoin's price.