Concerns over a potential MSCI exclusion are weighing on Strategy (MSTR) shares, prompting executive chairman Michael Saylor to speak out for the second time in two weeks.

Last Friday, Saylor dismissed rumors that the company was selling bitcoin, saying there was “no truth to the rumour.” The market was rattled again on Thursday after JPMorgan warned that an upcoming MSCI decision could remove MSTR from major equity indices, potentially triggering further volatility.

Saylor responded on X, defending the company’s standing within the MSCI framework and emphasizing that Strategy is a publicly traded operating company with a roughly $500 million software business at its core.

“Strategy is not a fund, not a trust, and not a holding company. We are a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses bitcoin as productive capital,” Saylor said.

He added that, unlike passive funds and trusts, Strategy actively creates, structures, and issues products, positioning itself as a bitcoin-backed structured finance enterprise.

“This year alone, we have completed five public offerings of digital credit securities—STRK, STRF, STRD, STRC, and STRE—representing more than $7.7 billion in notional value,” Saylor noted.

He concluded that no passive vehicle or holding company could replicate what Strategy has built.

MSTR shares fell another 3% on Friday, trading near $171.