Is Microstrategy, now known as Strategy, on the verge of a reclassification that would expel it from major stock indexes? Uncertainty surrounds the company led by Michael Saylor after speculation about its status as a financial entity, a debate that has ignited social networks.
MSCI’s announcement on October 10 about an extension of its rating review, coupled with warnings from analysts such as those at JP Morgan, has generated confusion about whether the company, with its massive bet on bitcoin as a productive capital asset, fits into the traditional parameters of an index.
Meanwhile, Saylor defends his vision of Strategy as an innovative company, operationally focused and far from being a simple fund or trust.
What is the origin of the controversy with Strategy?
This lies in MSCI’s proposal to reclassify Strategy as a fund-like vehicle, due to its extensive Bitcoin holdings.
This decision, which could be finalized on January 15, 2026 according to recent communications. This would jeopardize its inclusion in indices such as the MSCI USA or the MSCI World, where the company has a significant presence.
At the time of writing and since October, MSCI is carrying out an extension of its market classification review in conjunction with its investors.
During this process, the accessibility, size and liquidity of the companies included in its indices are analyzed, evaluating whether, among other treasury companies with digital assets, Strategy meets the established criteria to maintain its current status, or if it requires a reclassification to a different category, such as that of an investment fund.
In practice, this means that the possibility of excluding DATs from the MSCoI stock index is open. These are treasury companies with digital assets who maintain more than 50% of their balance in crypto assetsStrategy being one of them.
JP Morgan resurrected topic this November 20, 2025, suggesting potential capital outflows of up to $8.8 billion if other index providers follow suit with DATs.
Michael Saylor takes the floor
In response, Michael Saylor has taken the floor to distance himself from the accusations that would be creating FUD (fear, uncertainty and doubt) around the company.
In a post on X on November 21, 2025, he stated:
“Strategy is not a fund, it is not a trust and it is not a holding company. We are a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital.”
Michael Saylor, CEO of Strategy.
Saylor highlighted the difference with passive entities such as investment funds, highlighting that his company “creates, structures, issues and operates” through instruments such as the five digital credit issues —$STRK, $STRF, $STRD, $STRC and $STRE—, “which total more than 7.7 billion dollars in nominal value.”
He also introduced Stretch ($STRC) as a “revolutionary” bitcoin-backed product, offering monthly returns in US dollars. According to Saylor, this product positions Strategy as “the world’s first digital monetary institution built on sound money and financial innovation.”
Saylor’s position is echoed by some analysts.
For example, Adam Livingston pointed out on November 22, 2025 in X that “MSTR’s strategy is not that of a passive fund; it is an active company that leverages BTC as a treasury asset.” So, I would suggest that the reclassification could underestimate the operational nature of the company.
According to James E. Thorne, It is wrong to believe that Strategy is just a bitcoin treasury company.
The mainstream media and Wall Street continue to wrongly label MicroStrategy (MSTR) as a mere Bitcoin treasury whose sole function is to own Bitcoin, ignoring its much more disruptive strategy. In reality, MSTR is actively using Bitcoin as pure and transparent capital to develop a new generation of digital credit products that challenge the dominance of traditional financial institutions.
James E. Thorne, PhD in Economics.
These comments reinforce Saylor’s narrative, although they do not eliminate doubts about the financial impacts of an eventual exclusion from MSCI.
How does the controversy with Strategy affect the price of bitcoin?
Strategy’s situation and its possible reclassification by MSCI could be putting pressure on the price of bitcoin (around $80,000 at the time of writing) given the company’s role as one of the largest institutional holders of the crypto asset. In fact, a sector of opinion believe that what is presented in this article is the fundamental factor why bitcoin has fallen below $100,000.
If Strategy were to face capital outflows out of fear or due to effective delisting from stock indices, investors could interpret this as a sign of caution towards companies linked to crypto assetswhich could trigger greater sales of BTC in their holdings to adjust balances, affecting its price downwards in the short term.