“Not a Fund, Not a Trust”: Saylor Draws the Line as MSCI Considers MicroStrategy’s Fate
Michael Saylor asserted MicroStrategy is an operating company, not a fund or trust, amid MSCI's review of digital asset treasury company classifications.Summary
MicroStrategy CEO Michael Saylor publicly refuted any classification of his company as an investment fund or trust while MSCI conducts a formal consultation on how digital asset treasury companies (DATs) should be treated in major equity indexes. Saylor stressed that MicroStrategy is a publicly traded operating company with a $500 million software business, utilizing Bitcoin as productive capital, unlike passive funds or holding companies. He highlighted their active role, including issuing various structured digital credit securities totaling over $7.7 billion. MSCI's potential reclassification could deem firms like MicroStrategy ineligible for key indexes like the MSCI USA and World, potentially triggering billions in passive outflows and increasing volatility for $MSTR. The outcome of MSCI's ruling, expected by January 15, 2026, will test the viability of these hybrid treasury models in public markets.
(Source：BeInCrypto)