Michael Saylor Fires Back at MSCI, Defends Strategy’s Bitcoin-Backed Business Model

Highlights:

• Michal Saylor rejected MSCI’s concerns, stating that Strategy operates a software business, not a fund. 
• He said Strategy uses Bitcoin to support its operations and new financial products.
• Strategy may increase Bitcoin holdings again as prices dip below $85,000.

Strategy chairman Michal Saylor responded after MSCI, one of the world’s key index providers, questioned Strategy’s index status and large Bitcoin holdings. MSCI said the company might be more like a fund and raised concerns about its reliance on digital assets for valuation. Saylor rejected this, saying the company is a full software and structured-finance business.

Michal Saylor Outlines Strategy’s Vision

Strategy’s chairman said the company is not a fund, not a trust, and not a holding company. He explained that Strategy operates a $500 million software business and uses Bitcoin as productive capital to support its operations. This year, the company launched several products: STRK, STRF, STRD, STRC, and STRE, which together hold more than $7.7 billion in total value. Saylor highlighted STRC, also called Stretch, which is a Bitcoin-backed credit product that gives a variable monthly USD yield.

Saylor emphasized that funds and trusts simply hold assets, and holding companies just sit on investments. Strategy, however, creates, structures, issues, and operates its products. The company is building a new type of firm, a Bitcoin-backed structured-finance business that works in both capital markets and software. 

Bitcoin treasury firm Strategy (formerly MicroStrategy) said on X that during the 2022 bear market its average BTC purchase price was around $30,000; when BTC fell to roughly $16,000 (~50% of that cost), it added to its holdings. The statement implies the firm may continue…

— Wu Blockchain (@WuBlockchain) November 22, 2025

Saylor stressed that no passive fund or holding company can do what Strategy does. He said index labels do not define the company. He added that Strategy follows a long-term plan, stays committed to Bitcoin, and aims to become the world’s first digital monetary institution based on sound money and financial innovation.

Last month, MSCI said it was reviewing whether digital-asset treasury companies would stay in its indexes. A decision is expected by January 15, 2026. JPMorgan analysts said Strategy could lose $2.8 billion if MSTR is removed, and another $8.8 billion if other index providers follow.

Strategy Considers Buying More Amid Market Drop

Strategy currently owns 649,870 Bitcoins, purchased for roughly $48.4 billion. This is more than 3% of the total 21 million Bitcoin supply. Bitcoin has fallen about 23% over the past month, a drop that JPMorgan analysts largely attribute to retail investors selling spot Bitcoin and Ether ETFs. “If MicroStrategy is excluded from these indices, it could face considerable pressure to its valuation given that passive index-tracking funds represent a substantial share of its ownership,” the analysts wrote.

While Saylor keeps buying Bitcoin, many Strategy investors are selling their shares. MSTR stock has dropped about 13.5% over the past week and nearly 44% over the past month. At the time of writing, the shares were trading around $173.50, down from an all-time high above $450 reached in July.

Bitcoin’s latest drop is catching the attention of Strategy. The company hinted it might increase its BTC holdings again as prices dip below $90,000. Strategy reminded followers how it managed the 2022 bear market. Back then, its average Bitcoin cost was around $30,000. When BTC fell close to $16,000, the firm didn’t sell; instead, it bought more, reducing its overall cost per coin. “What did we do? We bought more,” it added.

Response to MSCI Index Matter

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

This year alone, we’ve completed…

— Michael Saylor (@saylor) November 21, 2025