Michael Saylor on Friday pushed back against concerns that Strategy’s future will be shaped by equity index providers, saying the company’s identity and operations are independent of how benchmarks categorize it.
The comments come as MSCI considers removing Strategy from its major indices, a move analysts say could trigger billions of dollars in passive outflows.
“Index classification doesn’t define us,” Saylor said in a statement on X.
He argued that Strategy, formerly MicroStrategy, should not be viewed as a fund, trust, or 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 said.
MSCI’s pending decision, expected on Jan. 15, has become a central focus for investors after JPMorgan estimated that roughly $9 billion of Strategy’s $50 billion market value sits in passive funds tracking major indices such as the Nasdaq-100, MSCI USA, and MSCI World.
A removal could force index-tracking vehicles to exit their positions, potentially creating up to $2.8 billion in outflows from MSCI-linked funds alone — and as much as $8.8 billion if other index providers follow suit.
Saylor dismissed the idea that index status should determine how the company is valued or understood.
He highlighted the company’s issuance of more than $7.7 billion in publicly offered digital credit securities this year, including STRK, STRF, STRD, STRC, and STRE and pointed to the launch of Stretch (STRC), a Bitcoin-backed credit instrument aimed at both retail and institutional buyers.
“Funds and trusts passively hold assets. Holding companies sit on investments,” he wrote. “We create, structure, issue, and operate.” MSCI is currently reviewing whether companies whose primary activity is digital asset treasury management should remain eligible for inclusion if crypto holdings represent more than half of total assets.
The consultation runs through the end of December, with results set for January and any changes taking effect during the February 2026 index review.
JPMorgan analysts, led by Nikolaos Panigirtzoglou, said Strategy’s recent share price weakness, which has outpaced Bitcoin’s decline, likely reflects concern about a potential reclassification.
They said index inclusion has acted as a channel through which Bitcoin exposure reached both retail and institutional portfolios via passive vehicles.
Removal, they warned, would reverse that dynamic.
Saylor said Strategy remains committed to its long-term approach. “Our conviction in Bitcoin is unwavering,” he wrote, adding that the company aims to build “the world’s first digital monetary institution,” he said.