As his company’s share price keeps falling, Strategy chairman Michal Saylor has struck a defiant tone for the second time in as many weeks.
In a post on X Friday morning, Saylor addressed the possibility of Strategy (ticker MSTR) being removed from major equity indices by the MSCI. The Bitcoin treasury pioneer is included in major indices such as the Nasdaq-100, MSCI USA, and MSCI World.
“Strategy is not a fund, not a trust, and not a holding company,” Saylor said. “We’re a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital.”
As of its latest purchase, Strategy holds a total of 649,870 BTC bought for a total cost of around $48.4 billion. The firm now holds more than 3% of Bitcoin’s total 21 million supply. The price of bitcoin is now down about 24% over the past month, which JPMorgan analysts attribute largely to retail selling of 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.
As Saylor continues to buy, Strategy investors continue to sell. MSTR shares are down about 13.5% over the past week and nearly 44% over the past month. At the time of publication, the stock traded around $173.50 per share — down from an all-time high of over $450 set in July.
“No passive vehicle or holding company could do what we’re doing. Index classification doesn’t define us,” Saylor said. “Our strategy is long-term, our conviction in Bitcoin is unwavering, and our mission remains unchanged: to build the world’s first digital monetary institution on a foundation of sound money and financial innovation.”
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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