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In response to the public opinion that Strategy (MicroStrategy) may be excluded from mainstream equity indices such as the MSCI USA Index and Nasdaq 100, founder Michael Saylor stated that MicroStrategy is not a fund, not a trust, and certainly not a holding company; index classifications cannot define MicroStrategy. Its goal is to create the world's first digital currency institution based on sound money and financial innovation. (Background: Wall Street resists DAT? MSCI considers excluding MicroStrategy and other 'crypto reserve companies' from index components) (Context: JPMorgan warns: If MicroStrategy is excluded by MSCI, it could trigger a sell-off of $11.6 billion from index funds) The publicly listed company MicroStrategy, which holds the largest amount of Bitcoin globally, has seen Bitcoin prices continuously plummet to the $82,000 level (a new low since April 2025), with stock prices dropping 40% over the past month, resulting in a significant evaporation of market value and attracting heightened attention from Wall Street. According to the latest report released by JPMorgan on November 20, it is highly likely that Strategy will be excluded from mainstream equity indices such as the MSCI USA Index and Nasdaq 100. The reason is that MSCI is evaluating a new rule: if a company's digital assets exceed 50% of total assets, it will no longer qualify for inclusion in traditional stock indices. Currently, Bitcoin accounts for far more than 50% of Strategy's balance sheet, making it the most typical 'extreme case' under this rule. Analysts estimate that if excluded, passive funds tracking the index may be forced to sell up to $12 billion of Strategy stock, with MSTR stock price likely facing a new wave of hits. Michael Saylor responded: Index classifications cannot define us. However, in the face of market skepticism and the crisis of index exclusion, Strategy founder Michael Saylor strongly responded on the X platform on November 21. He emphasized: "Strategy is not a fund, not a trust, and certainly not a holding company. We are a truly publicly traded operating company with a $500 million software business, utilizing Bitcoin as 'productive capital.'" Saylor further pointed out that this year, Strategy has completed five public offerings of digital credit securities ($STRK, $STRF, $STRD, $STRC, $STRE), with a total nominal amount exceeding $7.7 billion, and launched the world's first Bitcoin-backed treasury instrument 'Stretch ($STRC)', which can provide investors with monthly floating dollar returns. He emphasized that these innovations are things that funds, trusts, or pure holding companies can never achieve. Saylor concluded his post with strong words: "Index classifications cannot define us. Our strategy is long-term, our belief in Bitcoin is unwavering, and our mission remains unchanged — to create the world's first digital currency institution based on sound money and financial innovation." Here is the original text from Michael Saylor: Response to MSCI Index Matter 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. This year alone, we have completed five public offerings of digital credit securities — $STRK, $STRF, $STRD, $STRC, and $STRE — with a nominal value exceeding $7.7 billion. We also launched Stretch ($STRC), a revolutionary Bitcoin-backed treasury credit instrument that provides variable monthly dollar returns to institutional and retail investors. Funds and trusts passively hold assets. Holding companies own investments. We create, structure, issue, and operate. Our team is building a new type of enterprise — a Bitcoin-backed structured finance company that innovates in both capital markets and software. No passive tool or holding company can do what we are doing. Index classifications cannot define us. Our strategy is long-term, our belief in Bitcoin is unwavering, and our mission remains unchanged: to establish the world's first digital currency institution based on sound money and financial innovation. 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 Related Reports CryptoQuant founder: Unless an asteroid hits the earth, MicroStrategy will go bankrupt. Even MicroStrategy is running out of money to buy BTC, can DAT withstand this wave of Bitcoin turbulence? Gold master Peter Schiff blasts MicroStrategy for fraud: Michael Saylor's Bitcoin strategy is simply unprofitable. "Michael Saylor responds to the risk of exclusion from the MSCI index: Our Bitcoin business is unique, index classifications cannot define us." This article was first published on BlockTempo (the most influential blockchain news media).