[JPMorgan: If Strategy is removed from major indices like MSCI, it could trigger up to $2.8 billion in fund outflows] JPMorgan warns that if Strategy (MSTR) is removed from major indices such as MSCI USA or Nasdaq 100, it could lead to up to $2.8 billion in fund 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 with digital asset holdings exceeding 50% of total assets from its indices. MSTR's market capitalization is now close to its Bitcoin reserves, while the yield on financing tools has risen, highlighting potential systemic risks stemming from declining 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 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 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.