Concerns about Strategy (Nasdaq: MSTR)’s potential removal from MSCI indices intensified after JPMorgan issued analysis pointing to elevated risk linked to the firm’s recent equity underperformance. The bank explained that benchmark providers are reviewing the company’s classification as investors await the upcoming MSCI decision period.

JPMorgan explained:

With MSCI now considering removing Microstrategy and other digital asset treasury companies from its equity indices … outflows could amount to $2.8bn if Microstrategy gets excluded from MSCI indices and $8.8bn from all other equity indices if other index providers choose to follow MSCI.

The analysts at JPMorgan noted that Strategy’s drop has exceeded bitcoin’s move, partly due to rising questions about index eligibility. They assessed that the company remains inside the Nasdaq100, MSCI USA, and MSCI World, which channels bitcoin exposure indirectly into both institutional and retail portfolios through passive ETFs and mutual funds. Roughly $9 billion of benchmark-linked capital tracks indices that currently include the stock.

Matthew Sigel, head of digital assets research at asset management firm Vaneck, commented on social media platform X: “$MSTR – JPM says Microstrategy ‘at risk of exclusion’ from major equity indices as the January MSCI decision approaches.”

Read more: Saylor Says Bitcoin Has Found Its Floor, Says ‘Most of the Liquidation Selling Is out of the System’

Michael Saylor, Strategy’s executive chairman, addressed the MSCI development on social media platform X: “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.” He outlined that the firm completed multiple public offerings of digital credit instruments this year with several billion dollars in notional value, including products designed to expand bitcoin-backed financing options for both institutional and retail buyers.

Saylor added operational details about how his team structures and manages these instruments, emphasizing that the enterprise functions more like a bitcoin-backed structured finance platform than a passive holder of assets. Emphasizing that “No passive vehicle or holding company could do what we’re doing,” Saylor underscored long-term direction:

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.

Supporters contended that such an approach broadens market innovation and reinforces bitcoin’s role within modern capital markets despite the pressures tied to index reclassification.

• Why is Microstrategy considered at risk for MSCI index removal?
  J.P. Morgan flagged elevated risk tied to equity underperformance and ongoing classification reviews.
• How much capital tracks indices currently holding Microstrategy?
  Roughly $9 billion in benchmark-linked funds track indices that include the stock.
• How large could potential outflows be if MSCI removes Microstrategy?
  J.P. Morgan estimated possible outflows of $2.8 billion from MSCI and $8.8 billion if others follow.
• What stance did Michael Saylor take regarding index classification?
  He emphasized that Microstrategy is a long-term operating company with a bitcoin-driven strategy unaffected by index decisions.

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