回应 MSCI 指数分类相关问题 Strategy 不是基金，不是信托，也不是控股公司。 我们是一家上市运营公司，拥有 5 亿美元规模的软件业务，并采用独特的资产负债表策略：将比特币作为生产性资本（productive capital）来使用。 仅今年，我们就完成了 五次数字信用证券的公开发行—— $STRK、$STRF、$STRD、$STRC、$STRE ——名义价值合计超过 77 亿美元。 我们还推出了 Stretch ($STRC)，一种革命性的比特币抵押库信贷工具（Bitcoin-backed treasury credit instrument），可为机构与散户投资者提供每月浮动的美元收益。 基金和信托是被动持有资产。 控股公司只是坐拥投资组合。 而我们是创造者、结构设计者、发行人和运营者。 我们的团队正在打造一种全新的企业类型—— 一家以比特币为底层资产、在资本市场与软件两端同时创新的结构化金融公司。 没有任何被动型工具或传统控股公司能做到我们正在做的事情。 指数分类无法定义我们。 我们的战略是长期的、 我们对比特币的信念是坚定不移的、 我们的使命从未改变： 建设全球第一家以健全货币与金融创新为基础的数字货币机构。 Response to MSCI Index Matter Strategy is not a fund, not a trust, and not a holding company. We’re a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital. This year alone, we’ve completed five public offerings of digital credit securities— $STRK, $STRF, $STRD, $STRC, and $STRE —representing over $7.7 billion in notional value. We also launched Stretch ($STRC), a revolutionary Bitcoin-backed treasury credit instrument that provides variable monthly USD yield to institutional and retail investors. Funds and trusts passively hold assets. Holding companies sit on investments. We create, structure, issue, and operate. Our team is building a new kind of enterprise—a Bitcoin-backed structured finance company with the ability to innovate in both capital markets and software. No passive vehicle or holding company could do what we’re doing. Index classification doesn't define us. Our strategy is long-term, our conviction in Bitcoin is unwavering, and our mission remains unchanged: to build the world’s first digital monetary institution on a foundation of sound money and financial innovation.