Saylor defends Strategy's Incorporated’s business model amid MSCI Inc

On 21 November 2025, Michael Saylor, Executive Chairman of MicroStrategy Incorporated (ticker: MSTR), issued a firm public statement via X (formerly Twitter) defending the company’s business identity amidst growing concern that MSCI Inc., a leading global index provider, may remove firms that treat Bitcoin as treasury assets from its investable equity indexes. 

Saylor emphasised that MicroStrategy is “not a fund, not a trust, and not a holding company. We’re a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital.” 

He further noted that the company has completed five public offerings of digital credit securities (STRK, STRF, STRD, STRC and STRE) this year with a combined notional value of more than US $7.7 billion and launched a “Bitcoin‑backed treasury credit instrument” called Stretch (STRC). 

The backdrop to Saylor’s remarks is a proposal issued by MSCI in October 2025 that would exclude companies whose majority business is holding Bitcoin or other digital assets in their treasuries from inclusion in certain MSCI indices, a move that could force substantial passive fund outflows. 

Analysts at JPMorgan estimate that if MicroStrategy were excluded from MSCI’s investable indexes (for example the MSCI USA or MSCI World) this could trigger around US $2.8 billion of forced selling, rising to as much as US $8.8 billion if other index providers follow suit. 

For Bitcoin markets and corporate treasury strategy, the outcome is significant. If Bitcoin‑heavy companies are reclassified or excluded, it alters how institutional funds can allocate to firms with large Bitcoin holdings. MicroStrategy is often cited as the flagship example of a company that treats Bitcoin (BTC) as “productive capital” rather than speculative asset. Saylor’s rebuttal underscores his intent that the firm be seen as operating and innovating, not simply a proxy for Bitcoin price moves.

However, the core question remains unresolved: can MicroStrategy’s software business and structured‑finance initiatives outweigh the dominant size of its Bitcoin treasury in the eyes of index classifiers like MSCI? If not, the company may face index‑driven headwinds despite its declared business model.

In closing, Saylor’s statement serves both as a defence of MicroStrategy’s identity and as a strategic positioning in the larger debate over how Bitcoin‑centric companies are treated in the equity markets. The decision from MSCI (expected mid‑January 2026) will likely set a precedent for other corporate treasuries with substantial Bitcoin holdings.