The only uncertainty in the market is MicroStrategy's stock price, which is projected to cumulatively drop by about 49.3% throughout 2025. As Bitcoin's "leveraged proxy stock," MSTR's stock price exhibits higher volatility. As a result, MSCI has proposed excluding companies where "digital assets account for more than 50% of total assets," considering them closer to "investment institutions" rather than "operating companies." MSTR's Bitcoin assets account for approximately 77%–81%, far exceeding this threshold. The exclusion of MSTR primarily impacts the passive demand for its stock. Unless an extreme liquidity crisis or a long-term financing chain breakdown occurs, the company is unlikely to actively sell Bitcoin to respond to index adjustments. However, this is seen as a long-term bearish factor for the capital costs of companies following the "Bitcoin treasury model." Moreover, MSTR relies on issuing new shares (ATM financing) and convertible bonds to raise funds for purchasing Bitcoin. If being excluded from major indices leads to a stock price crash and a shrinkage in valuation premiums, its "stock-for-Bitcoin leveraged flywheel model" will become unsustainable, resulting in a collapse in its financing ability. If the stock price experiences severe fluctuations due to passive fund outflows (estimated at $2.8 billion to $8.8 billion), combined with a sluggish crypto market, it could hit pressure levels in its debt repayment or collateral agreements, forcing the company to consider reducing its Bitcoin holdings to address financial crises. Saylor has previously stated that selling Bitcoin would be considered a "last resort." MSCI is expected to announce its final decision on January 15, 2026.