Is MicroStrategy, now known as Strategy, on the verge of being reclassified and banned from major stock indexes? The company, led by Michael Saylor, has been surrounded by speculation and uncertainty over its status as a financial institution, sparking debate on social networks.
MSCI’s Oct. 10 announcement about the extension of its rating review, combined with warnings from analysts such as JPMorgan, created confusion about whether the company’s huge bet on Bitcoin as a productive capital asset will continue. Fits the traditional parameters of the index.
Meanwhile, Saylor maintains his vision for Strategy as an operationally focused, innovative company, far from being just a fund or trust.
What is the origin of the controversy with Strategy?
This is due to MSCI’s proposal to reclassify the strategy as a fund-like vehicle due to its large holdings of Bitcoin.
According to recent statements, this decision could be finalized on January 15, 2026. This puts the company’s ability to be included in indexes such as MSCI USA and MSCI World, in which it has a large presence, in jeopardy.
As of this writing and since October, MSCI has been working with investors to extend the market classification review.
This process analyzes the accessibility, size, and liquidity of the companies included in the index and assesses whether Strategy meets established criteria to maintain its current status among other financial companies with digital assets. or if reclassification into another category, such as an investment fund, is required.
In practice, this means that DAT may be excluded from the MSCoI stock index. These are financial companies that hold digital assets People who maintain more than 50% of their balance in crypto assetsStrategy is one of them.
JPMorgan revived the topic on November 20, 2025, suggesting potential capital outflows of up to $8.8 billion if other index providers follow DAT.
Mr. Michael Saylor will be on stage.
In response, Michael Saylor distanced himself from accusations that could create FUD (Fear, Uncertainty, Doubt) within the company.
In a post to X on November 21, 2025, he said:
“Strategy is not a fund, trust, or holding company. We are a publicly traded company with a $500 million software business and a unique financial strategy that uses Bitcoin as its productive capital.”
Michael Thaler, CEO of Strategy.
Saylor highlighted the difference from passive entities such as investment funds, noting that the company “creates, builds, issues and operates” through vehicles such as five digital credit issuances ($STRK, $STRF, $STRD, $STRC, $STRE) with “over $7.7 billion in aggregate nominal value.”
He also introduced Stretch ($STRC) as an “innovative” Bitcoin-backed product that provides monthly returns in USD. The product positions Strategy as “the world’s first digital currency institution built on sound money and financial innovation,” Saylor said.
Saylor’s position is echoed by some analysts.
For example, Adam Livingston pointed out in X magazine on November 22, 2025 that “MSTR’s strategy is not a passive fund strategy, but an active company that leverages BTC as a financial asset.” So, what I would like to suggest is: The reclassification may result in an underestimation of the company’s operational characteristics.
According to James E. Thorne, It would be a mistake to think that Strategy is just a Bitcoin finance company.
Mainstream media and Wall Street continue to falsely label MicroStrategy (MSTR) as just a Bitcoin vault whose sole function is to own Bitcoin, ignoring its far more disruptive strategy. In fact, MSTR is actively using Bitcoin as a pure and transparent capital to develop a new generation of digital credit products that counters the dominance of traditional financial institutions.
James E. Thorne, Ph.D. in Economics.
While these comments strengthen Saylor’s case, they do not eliminate questions about the financial implications of eventual removal from MSCI.
What impact will the controversy with Strategy have on Bitcoin price?
Strategy’s situation and possible reclassification by MSCI could put 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, some believe that what is presented in this article is the underlying reason why Bitcoin fell below $100,000.
Investors may interpret this if Strategy faces capital outflows out of fear or due to de-listing from stock indexes. As a sign of caution towards companies related to crypto assetsThis could lead to more selling of BTC held to balance balances, causing prices to fall in the short term.
(Tag translation) Bitcoin (BTC)
