The only uncertainty in the market is that MicroStrategy (MSTR), as a 'leveraged proxy stock' for Bitcoin, saw its stock price drop approximately 49.3% throughout 2025, with volatility significantly higher than Bitcoin itself. Recently, MSCI proposed removing companies with 'digital assets accounting for more than 50% of total assets' from relevant indices, arguing that such companies are more akin to 'investment institutions' rather than 'operating companies.' MSTR's Bitcoin assets account for about 77%–81%, far exceeding this threshold. If removed, the most direct impact would be the outflow of passive funds from index funds, estimated to range between $2.8 billion and $8.8 billion, which would weaken the passive demand for its stock. While companies typically do not actively sell Bitcoin solely to respond to index adjustments, this change is seen as a bearish factor for the long-term capital cost of its 'Bitcoin treasury strategy.' MSTR relies on issuing new shares (such as ATM financing) and convertible bonds to raise funds and continue purchasing Bitcoin. If being removed from major indices leads to a significant drop in stock price and a contraction in valuation premiums, its 'stock-for-Bitcoin leveraged cycle' model may become unsustainable, thereby reducing its financing capacity. In extreme cases, if the stock price experiences severe volatility due to passive fund outflows, coupled with a bearish crypto market, it could trigger pressure points related to the company’s debt repayment or collateral agreements, potentially forcing MSTR to consider selling Bitcoin assets to alleviate financial crises—even though its management has stated that selling Bitcoin would be a 'last resort.' MSCI is expected to announce its final decision on January 15, 2026, and the outcome will have a critical impact on MSTR's financing structure and market performance.