MicroStrategy CEO Michael Saylor fired again at MSCI’s overview of the corporate’s classification, framing his agency as a hybrid working enterprise, not an funding fund.
The clarification comes amid a proper session on how digital asset treasury corporations (DATs) ought to be handled in flagship fairness indexes, a choice that might have main market penalties for MSTR.
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Michael Saylor Attracts the Line: “MicroStrategy Is Not a Fund or Trust” Amid MSCI Scrutiny
In an in depth publish on X (Twitter), Saylor emphasised MicroStrategy shouldn’t be a fund, not a belief, and never a holding firm.
“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 articulated.
The assertion positions MicroStrategy as greater than a Bitcoin holder, with Saylor noting that funds and trusts maintain property passively.
“Holding companies sit on investments. We create, structure, issue, and operate,” Saylor added, highlighting the corporate’s lively position in digital finance.
This yr, MicroStrategy accomplished 5 public choices of digital credit score securities: STRK, STRF, STRD, STRC, and STRE. These whole greater than $7.7 billion in notional worth.
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Notably, Stretch (STRC) is a Bitcoin-backed treasury instrument that provides variable month-to-month USD yields to each institutional and retail traders.
Saylor describes MicroStrategy as a Bitcoin-backed structured finance firm that operates on the intersection of capital markets and software program innovation.
“No passive vehicle or holding company could do what we’re doing,” he stated, stressing that index classification doesn’t outline the corporate.
Why MSCI’s Resolution Issues
MSCI’s session might reclassify companies like MicroStrategy as funding funds, making them ineligible for key indexes reminiscent of MSCI USA and MSCI World.
Exclusion might set off billions in passive outflows and heighten volatility in $MSTR, which is already down roughly 70% from its all-time excessive.
The stakes lengthen past MicroStrategy. Saylor’s protection challenges conventional finance (TradFi) norms, asking whether or not Bitcoin-driven working corporations can preserve entry to passive capital with out being labeled as funds.
MicroStrategy holds 649,870 Bitcoin, with a mean price of $74,430 per coin. Its enterprise worth stands at $66 billion, and the corporate has relied on fairness and structured debt choices to fund its Bitcoin accumulation technique.
The MSCI ruling, anticipated by January 15, 2026, might check the viability of such hybrid treasury fashions in public markets.
