[Strategy Removed from MSCI Index, Effective After Market Close on November 30] According to Jinse Finance, on November 16, MSCI announced its November index review results this week, removing Strategy, co-founded by Michael Saylor, from its relevant indices. The change will take effect after the market closes on November 30. Passive funds tracking the index and benchmark investors must adjust their portfolios accordingly. Before the decision, the market estimated that this move could trigger a passive sell-off of approximately $2 billion to $3 billion in MSTR. The report points out that MSCI is forcing index funds to sell MSTR shares, not Bitcoin. Strategy has no obligation to sell Bitcoin due to being removed from the index. A more direct risk is that if MSTR's share price continues to fall and the premium relative to its Bitcoin holdings narrows, it will be more difficult and more dilutive for Strategy to raise funds through additional common stock issuance, thereby weakening its ability to continue buying Bitcoin. In extreme scenarios, if Bitcoin falls further, the company will still be obligated to pay cash dividends on its preferred securities, or may have to rely more on existing reserves, adjust floating interest rate terms, repurchase securities, or seek other sources of liquidity. Some commentators have suggested that the company may eventually sell Bitcoin and create a feedback loop, but this is a hypothetical worst-case scenario.