Just-In: Strategy’s Michael Saylor Clarifies Bitcoin-Backed Treasury Approach Amid MSCI Index Debate

TLDR:

• Michael Saylor clarifies Strategy is a Bitcoin-backed operating company, not a fund or trust.
• Strategy completed five digital credit offerings totaling $7.7B in notional value in 2025.
• Stretch ($STRC) delivers variable USD yields using Bitcoin as productive corporate capital.
• The company integrates software, structured finance, and digital assets for operational innovation.

Strategy’s CEO Michael Saylor addressed the ongoing debate over MSCI index classification this week. He clarified that Strategy is neither a fund nor a holding company. 

The company operates a $500 million software business alongside a Bitcoin-backed treasury strategy. This approach focuses on structured finance rather than passive asset management.

Strategy’s Position on Bitcoin and Capital Markets

Saylor emphasized that funds and trusts typically hold assets passively, while Strategy actively structures and issues financial products. 

In 2025 alone, Strategy completed five public offerings of digital credit securities: $STRK, $STRF, $STRD, $STRC, and $STRE. These offerings collectively represent over $7.7 billion in notional value, according to Saylor’s social post.

The company also launched Stretch ($STRC), a Bitcoin-backed treasury credit instrument. It provides variable monthly USD yield to both institutional and retail investors. This product illustrates Strategy’s focus on creating innovative financial instruments beyond conventional holdings.

Unlike traditional holding companies, Strategy integrates operational software with its capital management strategy. The business model merges structured finance, digital assets, and software operations. This combination allows Strategy to operate uniquely within both crypto markets and capital markets.

Saylor stressed that index classification does not define the company’s strategy. Strategy maintains long-term convictions in Bitcoin as a productive asset. Its objective is to leverage digital assets to create an operating enterprise rather than a passive investment vehicle.

Expanding the Role of Bitcoin in Corporate Finance

Strategy’s approach represents a new kind of enterprise blending digital assets with structured financial products. 

The company’s model allows it to issue credit securities backed by Bitcoin while providing returns in USD. By doing so, Strategy bridges traditional finance mechanisms with cryptocurrency markets.

The structured instruments are actively managed to generate yield rather than sit idle as corporate reserves. 

Saylor’s team claims this method expands operational flexibility compared to standard treasury or holding company approaches. It also supports both software development and financial innovation simultaneously.

By maintaining transparency and regulatory compliance, Strategy positions itself as a distinct entity from passive investment funds and traditional holding firms. Its corporate structure is designed to innovate while ensuring scalability in digital monetary instruments.

Saylor’s clarification underscores that the company’s mission remains focused on Bitcoin and financial innovation. 

Strategy intends to operate as a digital monetary institution with sustainable growth and unique market participation. Its activity reflects a long-term integration of software, structured finance, and cryptocurrency.

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