MicroStrategy CEO Michael Saylor fired back at MSCI’s review of the company’s classification, framing his firm as a hybrid operating business, not an investment fund.
The clarification comes amid a formal consultation on how digital asset treasury companies (DATs) should be treated in flagship equity indexes, a decision that could have major market consequences for MSTR.
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Michael Saylor Draws the Line: “MicroStrategy Is Not a Fund or Trust” Amid MSCI Scrutiny
In a detailed post on X (Twitter), Saylor emphasized MicroStrategy is not a fund, not a trust, and not a holding company.
The statement positions MicroStrategy as more than a Bitcoin holder, with Saylor noting that funds and trusts hold assets passively.
This year, MicroStrategy completed five public offerings of digital credit securities: STRK, STRF, STRD, STRC, and STRE. These total more than $7.7 billion in notional value.
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Notably, Stretch (STRC) is a Bitcoin-backed treasury instrument that offers variable monthly USD yields to both institutional and retail investors.
Saylor describes MicroStrategy as a Bitcoin-backed structured finance company that operates at the intersection of capital markets and software innovation.
Why MSCI’s Decision Matters
MSCI’s consultation could reclassify firms like MicroStrategy as investment funds, making them ineligible for key indexes such as MSCI USA and MSCI World.
Exclusion could trigger billions in passive outflows and heighten volatility in $MSTR, which is already down roughly 70% from its all-time high.
The stakes extend beyond MicroStrategy. Saylor’s defense challenges traditional finance (TradFi) norms, asking whether Bitcoin-driven operating companies can maintain access to passive capital without being labeled as funds.
MicroStrategy holds 649,870 Bitcoin, with an average cost of $74,430 per coin. Its enterprise value stands at $66 billion, and the company has relied on equity and structured debt offerings to fund its Bitcoin accumulation strategy.
The MSCI ruling, expected by January 15, 2026, could test the viability of such hybrid treasury models in public markets.
Source: https://beincrypto.com/msci-microstrategy-bitcoin-index-reclassification/


