MicroStrategy(US:MSTR) 智通财经网·2025-11-21 12:15Core Viewpoint - Morgan Stanley warns that Michael Saylor's Strategy (MSTR.US) may be removed from the MSCI index, potentially leading to billions in capital outflows [1] Group 1: MSCI Index Considerations - MSCI is considering excluding companies with Bitcoin or other digital assets as treasury assets from its indices, seeking feedback from the investment community [1] - The proposal suggests that companies with digital asset holdings exceeding 50% of total assets could be removed from the MSCI Global Investable Market Index series [1] - The consultation period for this proposal will last until December 31, with a final decision expected by January 15, 2026 [1] Group 2: Financial Implications for Strategy - Strategy is currently part of the Nasdaq 100 Index, MSCI US Index, and MSCI Global Index [1] - Analysts estimate that approximately $9 billion of Strategy's market capitalization may exist in passive holdings through ETFs and mutual funds linked to major benchmark indices [1] - If MSCI proceeds with the removal, Strategy could face an outflow of $2.8 billion, and if other index providers follow suit, the total outflow could reach $8.8 billion [1] Group 3: Market Reaction and Stock Performance - The removal from major indices is likely to be perceived negatively by market participants, raising concerns about Strategy's future financing costs and capabilities [1] - Since reaching an all-time high in November 2024, Strategy's stock price has plummeted by 67%, with a cumulative decline of 56% over the past six months [1] - As of the report, the stock was down 4.87% before Friday's opening [1]