Why Michael Saylor ‘won’t back down’ as $8B in MSTR faces risk

Key Takeaways 

The place will the $8B stress come from? 

From funds with MSTR positions by way of the MSCI, and if different indexes observe by means of. 

What’s Saylor’s response? 

He mentioned that Technique is an working firm with $500 million software program enterprise and energetic capital elevating enlargement plans. 

Michael Saylor’s Technique (Nasdaq: MSTR) may stay muted till MSCI’s evaluate report in mid-January 2026. 

In line with funding financial institution and brokerage agency TD Cowen, MSTR inventory may face about $8 billion in promoting stress if MSCI have been to take away it from the index. In a report, the agency mentioned, 

“We consider ~$2.5 billion of worth is attributable to MSTR holdings inside MSCI indexes, with one other ~$5.5 billion in different indexes that would in idea observe MSCI’s lead.”

The MSCI evaluate, which grew to become public final week, was first shared internally on the tenth of October. 

In line with the worldwide index, public Bitcoin treasury companies, resembling Technique, are passive and act like funding funds; subsequently, they shouldn’t be listed. Solely working firms are included within the index.

However TD Cowen argued that Technique was an working firm with $500 million software program enterprise, regardless of accounting for a small portion of the agency’s complete worth. The agency added, 

“Technique is clearly not an funding fund. We thus surprise if maybe MSCI isn’t merely expressing a bias in opposition to Bitcoin.”

Saylor’s response to MSCI

Final week, Michael Saylor, founding father of Technique, additionally discredited deliberate index exclusion, and added,  

“Technique shouldn’t be a fund, not a belief, and never a holding firm. Funds and trusts passively maintain property. No passive car or holding firm may do what we’re doing.”

He quipped that the ‘index classification doesn’t outline’ Technique and reiterated their long-term conviction in BTC. 

In separate social media posts, Saylor added that he gained’t “again down,” highlighting that they’ve raised $21 billion in 2025 alone. 

Supply: X

It appeared like a delicate jibe at being labeled a “passive agency.” Passive companies not often elevate capital as a result of they lack operations that demand enlargement.

Elevating $21 billion meant that, by definition, Technique is an working agency that meets the itemizing necessities of the MSCI index. 

It stays to be seen whether or not MSCI will again down or proceed with the MSTR delisting early subsequent yr. 

In the meantime, Bitcoin [BTC] held above $80K and even tried to reclaim $90K on the twenty fourth of November. MSTR followed by means of and bounced 5% to $179.