Michael Saylor Fires Back: The Future of MicroStrategy After MSCI
- JPMorgan analysts say there are risks that MSCI will take MicroStrategy out of important equity indexes because it focuses too much on Bitcoin.
- Saylor responds by pointing out that the company is still doing business, with a strong software division and new financial tools.
Nikolaos Panigirtzoglou of JPMorgan warned that MSCI might kick MicroStrategy out in January. The main problem? Putting the company in the category of a Bitcoin vehicle rather than a regular operating company. This could cause index-tracking funds to pull out, which would put pressure on the $8.8 billion stock. This move is similar to the ongoing discussions about how companies that deal in a lot of Bitcoin fit into the mainstream financial world. But Saylor sees it in a different way. He thinks that these worries miss the bigger picture of how MicroStrategy is changing.
Saylor’s Direct Response
Saylor wrote on X that “strategy is not a fund, not a trust, and not a holding company.” He talked about their $500 million software business and a treasury strategy that sees Bitcoin as “productive capital.”
They have released five digital credit securities this year: $STRK, $STRF, $STRD, $STRC, and $STRE. Together, they are worth more than $7.7 billion. Stretch is a unique Bitcoin-backed investment that gives investors different USD yields. “We create, structure, issue, and operate,” Saylor wrote, making it clear that his company is not like passive asset holders.
