Saylor’s Bitcoin-Backed Plans Hold Firm as Strategy Faces Possible MSCI Index Shakeup

Strategy’s co-founder and Executive Chairman Michael Saylor pushed back on concerns Friday that the company may be pushed out of major equity indices next year, even as its stock trades near a 13-month low.

Posting on X, Saylor contrasted Strategy’s structure with that of crypto-heavy investment vehicles after fresh signals from JPMorgan suggested that companies accumulating large Bitcoin positions could face exclusion from MSCI indices in February. These indices influence billions in institutional flows.

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

The comments arrived during a sharp downturn for Strategy’s stock. Shares have dropped 42% over the past month to $175, falling even faster than Bitcoin’s slide from its October highs. The company’s market cap has now slipped below the value of its massive Bitcoin holdings—an imbalance that complicates future fundraising efforts.

MSCI said on Oct. 10 that it is evaluating how to classify firms whose capital-raising activities mainly fund digital asset accumulation, or whose crypto reserves make up over half of their assets. Strategy fits squarely into that debate. A final decision is scheduled for Jan. 15.

While Strategy previously relied on issuing common stock to bolster its Bitcoin position, the company has recently shifted toward preferred shares with dividend features to make financing more appealing. Saylor defended these moves as part of building “a Bitcoin-backed structured finance company with the ability to innovate across both capital markets and software.”

He also emphasized that the company’s Bitcoin commitment is non-negotiable, saying index labels “don’t define” the world’s largest corporate Bitcoin holder. As of Friday, Strategy’s BTC stash was valued at $55 billion, down from a peak near $80 billion on Oct. 7.

The company’s profile has grown dramatically in traditional markets over the past year. Strategy entered the Nasdaq-100 late last year, prompting expectations of billions in passive inflows. And while the company met the criteria for the S&P 500 in September, it was ultimately passed over. Robinhood was selected instead, joining Coinbase, which secured its slot in May.

Despite index uncertainty and a steep stock pullback, Saylor’s message is clear: Strategy’s long-term plan remains anchored in Bitcoin—and he’s not letting classification debates shake that vision.