MSCI is looking at a company that went from 214,278 BTC in March 2024 to 848,250 today… 633,972 BTC added in about two and a half years, nearly 4× the stack While running an actual software business AND managing a full capital stack: $13.75B of preferreds across five series, $6.7B of converts, and a $4.88B USD Reserve behind them… and decided it's NOT an operating company. Building and managing a multi layer credit stack on top of a Bitcoin treasury apparently doesn't count as "operating." Open question for the index committee: if your rulebook can't classify the largest corporate Bitcoin treasury on earth, is the problem the company, or the rulebook? $MSTR
William WalletsShare
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