Michael Saylor has once again defended Strategy's vision as an innovative operating company, reaffirming his belief in Bitcoin and projecting a global digital credit market backed by this cryptocurrency.
Strategy's CEO reiterated that his investment in Bitcoin is not contingent on market conditions or external factors. In a recent statement published on X, the businessman dismissed concerns about the company's potential exclusion from major stock market indices, such as the Nasdaq 100 or the MSCI World, and emphasized that Strategy is not a fund or holding company, but rather an operating company with software revenue and a Bitcoin-backed digital lending program.
Saylor's statement comes at a tense time for the company and the crypto ecosystem.
JPMorgan analysts warned last week that if MSCI decides to exclude Strategy from its indices, passive outflows of up to $2.800 billion could occur, a figure that could climb to $8.800 billion if other providers follow suit. Strategy's market capitalization is currently around $59.000 billion, with approximately $9.000 billion invested in passive tracking funds, making any decision by the indices a critical factor for its liquidity and stability.
Buy Bitcoin, the digital gold, as StrategyAn operational strategy backed by Bitcoin
saylor insists The index ranking does not define the nature of the company. Strategy, it asserts, is a company that creates, structures, and operates Bitcoin-backed financial instruments, such as the five recently issued digital credit securities: STRK, STRF, STRD, STRC, and STRE, which total more than $7.700 billion in face value.
Among these digital credit securities, Stretch (STRC) stands out, a product that offers variable monthly returns in dollars to institutional and retail investors, and which is presented as an innovative alternative to traditional debt systems.
In Saylor's words:
"Funds passively hold assets, holding companies simply maintain investments. We create, structure, issue, and operate."
With this definition, Saylor seeks to differentiate Strategy from the entities that MSCI evaluates as funds, arguing that its model is that of a structured finance company that uses Bitcoin as productive capital and that innovates both in capital markets and in software.
As this publication reported, Saylor's vision extends beyond the current situation. At the Cantor Crypto Event, organized by Cantor Fitzgerald on November 10th, said He believes that “the next multi-trillion dollar market will be digital credit based on Bitcoin.” For him, cryptocurrency is “the most robust capital base on the planet,” superior to gold, cash, and sovereign debt, and constitutes the foundation for building a new global financial infrastructure.
Bitcoin, Saylor, Strategy and the transformation of traditional stock market indices
The debate over Strategy's inclusion in stock market indices reflects a broader dilemma: how should companies that integrate digital assets into their business model be classified? For some market participants, companies like MSTR resemble investment funds more than operating companies, which would make them ineligible for traditional indices. However, Saylor's position points to a paradigm shift: creation of digitally native financial institutions that use Bitcoin as a capital base and offer structured products with returns superior to fiat systems.
The implications of this vision are profound. If Strategy succeeds in building a Bitcoin balance sheet valued in the trillions of dollars, as Saylor has projected in recent interviews, it could transform credit markets, revitalize stock market indices, and offer new savings and investment alternatives. The entrepreneur envisions higher-yield savings accounts, money market funds, and insurance services denominated in Bitcoin, all backed by a robust and overcollateralized digital reserve.
The current context, however, remains challenging. Bitcoin has fallen from its all-time high of $126.000 six weeks ago to around $82.000, pressured by massive sell-offs and regulatory uncertainty. Strategy's stock, MSTR, also reflects this tension, trading at $172Currently, after a drop of more than 15% in five days, Saylor maintains his long-term conviction, asserting that the company's mission is to build the world's first digital monetary institution on a foundation of sound money and financial innovation.
Buy Bitcoin as a reserve and productive capitalBitcoin as an engine of global change
Saylor's steadfastness in the face of external pressures and market volatility reveals a strategic approach that seeks to transcend immediate fluctuations. His narrative is not limited to defending Strategy's position in the indices, but rather envisions a future in which Bitcoin becomes the cornerstone of a new global financial system.
La the decision The MSCI assessment that will take place in January 2026 is crucial for validating this view. MSCI's evaluation of whether companies with large Bitcoin holdings, such as Strategy, should be classified as operating companies or investment funds will directly impact their inclusion or exclusion from key indices. However, for Saylor, Strategy's essence as a company structured around Bitcoin-backed finance, with a significant technology arm and an innovative treasury strategy, underscores that it is not simply a fund or a holding company, but rather an entity that uses Bitcoin as productive capital.
Beyond MSCI's decision, Saylor's firm belief in Bitcoin as "unbreakable digital capital" sets a course that could reshape the historical relationship between digital assets and traditional markets.
Certificate
Bitcoin 101 Course
Medium levelIn Bit101Me Academy's Bitcoin 2 Course you can continue your crypto education and learn what Bitcoin is, where it comes from and how to obtain it.
