Global index provider MSCI adopted new rules excluding non-operating companies from its indices, threatening Strategy’s membership. Michael Saylor’s company, which has made Bitcoin its primary treasury asset, could lose access to billions of dollars in index-linked investments. JPMorgan estimated in November 2025 that MSCI removal could trigger approximately $2.8 billion in passive selling of MSTR shares. MSTR stock currently trades nearly 69% below its peak, compressing the premium Strategy uses to raise additional funds from shareholders. Strategy holds 848,250 BTC acquired for approximately $64 billion and maintains a dollar reserve of $4.88 billion.
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