JPMorgan Chase: If Strategy's stock is removed from the index, it may face billions of dollars in capital outflow.

According to Mars Finance, on November 21st, JPMorgan Chase stated in a report on Thursday that if global financial index provider MSCI removes Bitcoin "vault giant" Strategy (MSTR) from its stock indices, related capital outflows could reach as high as $2.8 billion; if other exchanges and index compilers follow suit, the total outflow could reach $11.6 billion. Analysts point out that MSTR's recent stock price decline—coupled with its overall weak performance this year—is more due to market concerns about its potential removal from MSCI and multiple indices such as the Nasdaq 100 and Russell 1000, rather than due to a decline in Bitcoin's own price. "It is precisely because of the inclusion in these indices that Bitcoin exposure has indirectly penetrated into the portfolios of retail and institutional investors," the analysts wrote. "However, with MSCI now considering removing MicroStrategy and other companies with primarily digital asset holdings from its stock indices, this previous indirect penetration may be reversed." MSCI is evaluating a proposal to exclude companies whose primary business is holding Bitcoin or other crypto assets, and where such assets account for more than 50% of their balance sheets. MSCI stated last month that this "consultation" will continue until the end of this year, with a final decision to be made by January 15.