"Strategy is "not a fund, not a trust, and not a holding company." He described the firm as a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital. Saylor highlighted the company's recent activity, including five public offerings of digital credit securities - $STRK, $STRF, $STRD, $STRC, and $STRE - representing over $7.7 billion in notional value."
"'Funds and trusts passively hold assets. Holding companies sit on investments. We create, structure, issue, and operate,' Saylor wrote. 'No passive vehicle or holding company could do what we're doing.' He described Strategy as a new kind of enterprise: a Bitcoin-backed structured finance company innovating in both capital markets and software. Saylor added that index classification does not define the company."
Strategy positions itself as a publicly traded operating company with a $500 million software business and a treasury strategy that employs Bitcoin as productive capital. The company completed five public offerings of digital credit securities — $STRK, $STRF, $STRD, $STRC, and $STRE — representing over $7.7 billion in notional value. Stretch ($STRC) is a Bitcoin-backed credit instrument offering variable monthly USD yields to institutional and retail investors. The business characterizes its model as creating, structuring, issuing, and operating products rather than passively holding assets. MSCI's potential exclusion could trigger estimated passive outflows of $2.8 billion to $8.8 billion, and exclusion risks could increase selling pressure, widen funding spreads, and reduce trading liquidity.
Read at Bitcoin Magazine
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