As Strategy’s (MSTR) share price continues to slide, executive chairman Michael Saylor has felt compelled to address growing investor concern for the second time in two weeks.

Last Friday, Saylor dismissed rumours that the company was selling bitcoin, stating there was “no truth to the rumour.”

Meanwhile, on Thursday, market nerves were hit again after JPMorgan warned that an upcoming MSCI decision could force MSTR out of major equity indices, potentially triggering further downside volatility.

Saylor responded once more on X, defending the company’s status within the MSCI framework and stressing that Strategy is a publicly traded operating company with a roughly $500 million software business at its core.

“Strategy is not a fund, not a trust, and not a holding company. We are a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses bitcoin as productive capital,” Saylor said.

Saylor argued that while funds and trusts passively hold assets, Strategy is actively creating, structuring and issuing products, positioning the company as a new type of bitcoin backed structured finance enterprise.

“This year alone, we have completed five public offerings of digital credit securities, STRK, STRF, STRD, STRC and STRE, representing more than $7.7 billion in notional value,” Saylor added.

Saylor concluded that no passive vehicle or holding company could replicate what Strategy has built.

MSTR shares are down another 3% on Friday, trading near $171.