Morgan Stanley: If Strategy is removed from major indexes such as MSCI, it could trigger the withdrawal of as much as $2.8 billion in funds.

JPMorgan Chase warns that if a company's Strategy is removed from mainstream indices such as MSCI USA or Nasdaq 100, it could trigger capital outflows of up to 2.8 billion dollars, and passive fund selling could further amplify the impact. Currently, passive funds linked to MSTR total nearly 9 billion dollars. MSCI plans to decide by January 15, 2026 whether companies with digital asset holdings exceeding 50% of total assets should be excluded from the indices. The market value of MSTR is now close to its Bitcoin reserves, and the rising yield on financing tools highlights the potential systemic risks brought about by market confidence decline. It is reported that MSCI has extended the consultation period for whether "digital asset treasury companies" should be included in the global investable market index until December 31, 2025. In a statement on October 10th, some market participants pointed out that such companies are more similar to investment funds, prompting MSCI to propose excluding companies with digital assets accounting for more than 50% of total assets and possibly introducing additional standards such as "self-definition" and "financing purpose." The final decision will be announced on January 15, 2026, and will take effect in the February 2026 review.