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Investing.com -- Strategy Chairman Michael Saylor defended his company’s business model on X, emphasizing that the firm is not a passive investment vehicle amid concerns about potential removal from major equity indices.
Saylor stated that Strategy is "a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital," distinguishing it from funds, trusts, or holding companies.
The chairman highlighted the company’s financial activities in 2025, including five public offerings of digital credit securities totaling over $7.7 billion in notional value. He also pointed to the launch of Stretch, which he described as "a revolutionary Bitcoin-backed treasury credit instrument" providing variable monthly USD yield to investors.
Saylor’s comments come after JPMorgan analyst Nikolaos Panigirtzoglou warned that Strategy faces potential exclusion from major equity indices, including the Nasdaq100, MSCI USA, and MSCI World. The analyst noted that approximately $9 billion of Strategy’s current $59 billion market capitalization is likely held in passive investments through ETFs and mutual funds tied to major benchmarks.
According to Panigirtzoglou, if Strategy is excluded from these indices, it could face significant valuation pressure, with potential outflows of $2.8 billion from MSCI indices alone and up to $8.8 billion if other index providers follow suit.
The JPMorgan analyst described MSCI’s upcoming January 15 decision as "pivotal" for Strategy, suggesting that exclusion could negatively impact the company’s ability to raise capital and reduce trading volumes and liquidity.
Saylor concluded his statement by affirming that "index classification doesn’t define us" and that the company’s "conviction in Bitcoin is unwavering.