[JPMorgan: If Strategy is removed from major indices like MSCI, it could trigger up to $2.8 billion in outflows] According to Bloomberg, JPMorgan has warned that if Strategy (MSTR) is removed from major indices such as MSCI USA or Nasdaq 100, it could trigger up to $2.8 billion in outflows, compounded by passive fund sell-offs that may further amplify the impact. Currently, passive funds tied to MSTR amount to nearly $9 billion. MSCI plans to decide by January 15, 2026, whether to exclude companies whose digital asset holdings exceed 50% of their total assets from its indices. MSTR's market capitalization is now close to the value of its Bitcoin reserves, and rising yields on financing tools highlight the potential systemic risks brought by waning market confidence. It is reported that MSCI has extended the consultation period on whether "digital asset treasury companies" should be included in global investable market indices to December 31, 2025. In a 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 with digital assets exceeding 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 February review of the same year.