According to @KobeissiLetter, Michael Saylor stated that MicroStrategy is "not a fund, not a trust, and not a holding company" and is instead a publicly traded operating company with a $500 million software business, directly addressing the MSCI index situation (source: @KobeissiLetter on X, Nov 21, 2025). He further emphasized a unique treasury strategy that uses Bitcoin, underscoring that BTC exposure is part of corporate treasury management rather than a fund structure, as relayed in the posted remarks (source: @KobeissiLetter on X, Nov 21, 2025). This clarification centers on corporate classification and index methodology considerations relevant to MSTR equity traders and BTC-linked strategies, as framed by the original post (source: @KobeissiLetter on X, Nov 21, 2025).