As the share price of Strategy continues to decline, Chairman Michal Saylor has adopted a resolute stance for the second consecutive week. In a recent post on X, he spoke about the potential removal of Strategy (ticker MSTR) from major equity indices, including the Nasdaq-100, MSCI USA, and MSCI World. Engaging with concerns around this issue, Saylor emphasized the company’s unique position: “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 discussion follows MSCI’s announcement that it is reviewing the inclusion of digital asset treasury companies in its indices. A decision on this matter is anticipated by January 15, 2026. JPMorgan analysts have warned that exclusion from these indices could lead to significant outflows for Strategy, estimating potential losses of around $2.8 billion if MSTR is removed, and up to $8.8 billion if other index providers make similar decisions.
Currently, Strategy has amassed a total of 649,870 BTC, with an investment of approximately $48.4 billion, amounting to over 3% of Bitcoin’s total 21 million supply. However, the price of Bitcoin has dropped nearly 24% in the past month, largely due to retail selling of spot Bitcoin and ether ETFs, according to JPMorgan. Analysts indicated that if MicroStrategy is removed from major indices, it might face substantial valuation pressures since passive index-tracking funds account for a significant portion of its ownership.
Despite this, Saylor remains bullish. While MSTR shares have decreased about 13.5% over the past week and nearly 44% in the last month, currently trading around $173.50 per share—down from an all-time high above $450 in July—he reassured investors of his commitment. “No passive vehicle or holding company could do what we’re doing. Index classification doesn’t define us,” he stated. “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.”
In light of these developments, it’s evident that while the future holds uncertainties for Strategy amidst potential index removals, Saylor’s leadership and vision for the company continue to stand firm.
