PANews reported on November 21 that, according to Bloomberg, JPMorgan Chase warned that if Strategy (MSTR) is removed from major indices such as MSCI USA or the Nasdaq 100, it could trigger a withdrawal of up to $2.8 billion, which could be further amplified by passive fund sell-offs. Currently, nearly $9 billion in passive funds are linked to MSTR. MSCI plans to decide by January 15, 2026, whether to exclude companies with digital asset holdings exceeding 50% of their total assets from its indices. MSTR's market capitalization is now close to its Bitcoin reserves, and rising yields on funding instruments highlight the potential systemic risks stemming from declining market confidence.

MSCI has reportedly extended its consultation period for "digital asset treasury companies" on whether to include them in its global investable market indices to December 31, 2025. In its previous statement on October 10 , some market participants pointed out that such companies are more akin to investment funds. Based on this, MSCI proposed excluding companies where digital assets account for more than 50% of their total assets and may introduce additional criteria such as "self-definition" and "financing purpose." The final decision will be announced on January 15, 2026, and will take effect during the review in February of the same year.