The MSCI is currently consulting on whether they should consider BTC, ETH, and SOL treasury companies, such as Michael Saylor’s Strategy, as funds or trusts rather than businesses. This has led to a reaction from Saylor, who argued that his company runs a traditional business instead and explained how the firm differs from funds or trusts.
Saylor Doubles Down On Strategy’s Bitcoin Model Amid MSCI Index Saga
In an X post, Saylor stated that index classification doesn’t define his company and that their conviction in Bitcoin is unwavering. He also mentioned that their strategy is long-term and that the mission remains unchanged, which is to build the “world’s first digital monetary institution on a foundation of sound money and financial innovation.”
These remarks came as he addressed the MSCI index situation. CoinGape reported earlier today about an MSCI consultation on whether companies like Strategy, which hold more than half of their reserves in crypto, should remain on major indices. The MSCI currently views such companies as more similar to investment funds than to traditional businesses.
However, Saylor argued that his company is not a fund, trust, or holding company. He stated that they are a publicly traded company with a $500 million software business and a unique treasury strategy that uses Bitcoin as “productive capital.”
He went on to note that they have completed five public offerings of digital credit securities this year alone, totaling over $7.7 billion in notional value. The latest was the STRE offering this month, which the company raised $704 million from to buy more Bitcoin.
Meanwhile, Saylor also mentioned that Strategy launched Stretch, which he described as a “revolutionary” Bitcoin-backed treasury credit instrument that provides a variable monthly USD yield to institutional and retail investors.
“No Passive Vehicle Or Holding Company” Can Match MSTR’s Operations
As part of his remarks, Saylor declared that no passive vehicle or holding company could do what they are doing. He also explained how his company differs from a fund, trust, or holding company.
He noted that funds and trusts passively hold assets, while holding companies sit on investments. However, in their case, Strategy creates, structure, issues, and operates. “Our team is building a new kind of enterprise—a Bitcoin-backed structured finance company with the ability to innovate in both capital markets and software,” Saylor added.
The MSCI is expected to make a final decision by January 15. It is worth noting that investment funds and trusts are not eligible for equity benchmarks such as the MSCI USA and MSCI World indices. As such, Strategy faces potential removal if the MSCI decides that digital asset treasury companies are investment funds or trusts.
The MSTR stock is down amid concerns of a potential exclusion from these indices. TradingView data shows the stock is currently trading around $174, down almost 2% today and over 11% in the last five days.
Source: TradingView; MSTR Daily ChartIt is worth mentioning that the MSCI’s decision could also apply to Ethereum and Solana treasury companies, such as Tom Lee’s BitMine. However, crypto pundit Ran Neuner believes that these ETH and SOL treasuries have a stronger case of not being funds or trusts than Bitcoin treasuries, as they typically stake their coins, run validators, and engage in other DeFi activities to earn yields.
Also Read: Top Crypto Presales In November 2025
Source: https://coingape.com/michael-saylor-reaffirms-bitcoin-conviction-as-strategy-faces-msci-scrutiny/
