Strategy (MSTR) shares are under renewed pressure as concerns grow over a potential MSCI exclusion, 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.” Investor anxiety resurfaced Thursday after JPMorgan warned that an MSCI decision could remove MSTR from major equity indices, potentially driving further volatility.
Saylor took to X to defend Strategy, 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,” he 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—totaling over $7.7 billion in notional value,” Saylor noted, stressing that no passive vehicle could replicate Strategy’s model.
MSTR shares fell another 3% on Friday, trading near $171.
