Saylor Rejects Index Exclusion Fears, Highlights Strategy's Operating Model

Strategy co-founder and Executive Chairman Michael Saylor on Friday dismissed concerns that the company might be dropped from key equity indices, like those from MSCI, which influence professional investors.

• Saylor, in a post on X, stressed that Strategy is "not a fund, not a trust, and not a holding company."
• He emphasized that the firm is a "publicly traded operating company" with a $500 million software business and a unique treasury strategy using Bitcoin as "productive capital."
• This statement follows a report from JPMorgan suggesting crypto-buying companies with similar characteristics could be removed from MSCI's indices in February 2026.

MSCI had announced on Oct. 10 that it was reviewing the classification of firms whose primary capital-raising is for digital asset accumulation, or where digital assets account for 50% or more of total assets. Strategy's shares have recently fallen 42% to a 13-month low of $175, and its market cap has dropped below the value of its Bitcoin holdings, complicating its ability to raise new funding.

Historically, Strategy used common stock sales to acquire Bitcoin, but has more recently turned to preferred shares offering dividends. Saylor also highlighted Strategy's new product introductions this year, positioning the company as building "a Bitcoin-backed structured finance company."

Saylor concluded that the firm's commitment to Bitcoin is "unwavering," and "index classification doesn’t define" the largest corporate holder of Bitcoin.

November 2025, Cryptoniteuae