Strategy (MSTR) shares are facing renewed pressure amid concerns over a potential MSCI exclusion, prompting executive chairman Michael Saylor to speak out for the second time in two weeks.
Last Friday, Saylor denied rumors that the company was selling bitcoin, stating there was “no truth to the rumour.” Investor nerves spiked again Thursday after JPMorgan warned that an MSCI decision could remove MSTR from major equity indices, potentially causing further volatility.
Responding on X, Saylor defended the company’s standing, emphasizing that Strategy is a publicly traded operating company with a $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,” he said.
Saylor added that, unlike passive funds and trusts, Strategy actively creates, structures, and issues products, positioning itself as a bitcoin-backed structured finance enterprise.
“This year alone, we completed five public offerings of digital credit securities—STRK, STRF, STRD, STRC, and STRE—representing more than $7.7 billion in notional value,” he noted, stressing that no passive vehicle could replicate Strategy’s model.
MSTR shares fell another 3% on Friday, trading near $171.
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