Michael Saylor, executive chairman of MicroStrategy, said that the company operates as a software business utilizing Bitcoin as productive capital and issuing Bitcoin-backed credit securities. He emphasized that it is not a passive fund or holding company. Saylor made these comments on X.
“Strategy is not a fund, not a trust, and not a holding company,” said Michael Jerry Saylor. “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 five public offerings of digital credit securities $STRK, $STRF, $STRD, $STRC, and $STRE representing over $7.7 billion in notional value. Index classification doesn’t define us. 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.”
Saylor’s remarks follow MSCI’s consultation with investors about potentially excluding companies whose primary assets are cryptocurrencies. According to JPMorgan analysts, this could lead to significant selling if firms like Strategy are reclassified or removed from key indexes. Saylor argues that Strategy is not a passive Bitcoin fund but an operating company with software revenue and an active structured-finance business built on Bitcoin-backed instruments. Recent coverage highlights his challenge against attempts to treat Strategy as an ETF-like vehicle rather than a tech and capital-markets innovator.
Strategy, formerly known as MicroStrategy, has become the world’s largest corporate holder of Bitcoin while maintaining its software operations. Corporate and public filings indicate the company generated approximately $500 million in annual software and services revenue while amassing over 650,000 BTC on its balance sheet. This represents around 3% of global supply and tens of billions of dollars in assets at recent prices. The combination of recurring software income and a substantial Bitcoin position has made its Nasdaq-listed shares (ticker MSTR) a popular proxy for Bitcoin exposure, despite the firm’s insistence that it remains an operating enterprise rather than a pure asset vehicle.
In his statement, Saylor highlighted Strategy’s creation of Bitcoin-backed structured credit. During 2025, the company issued multiple perpetual preferred and digital credit securities under tickers such as STRK, STRF, STRD, STRC, and STRE, raising an estimated $7–8 billion in aggregate notional value. Financial reports describe coupons ranging from roughly 8% to over 11%, noting that proceeds are primarily used to acquire additional Bitcoin. This effectively leverages the firm’s balance sheet while offering yield-focused investors a way to earn income backed by its Bitcoin holdings. Strategy’s materials present these instruments as part of a broader platform for Bitcoin-backed treasury and capital-markets innovation.
Michael Saylor is the founder and executive chairman of Strategy, which he started in 1989 after graduating from MIT. He led the firm for decades as CEO before transitioning to the chairman role in 2022 to concentrate on its Bitcoin strategy. Public biographies describe him as an early mobile-computing visionary, author of “The Mobile Wave,” and a leading advocate of Bitcoin as “digital energy.” Strategy is headquartered in Tysons Corner, Virginia, building analytics and mobile software while running what Saylor calls the world’s first Bitcoin-backed digital monetary institution.
