MSCI is evaluating whether to exclude Strategy, formerly known as MicroStrategy, from its core equity indices due to the company's substantial Bitcoin holdings. A decision is expected in January 2026, potentially prompting significant passive capital shifts. According to JPMorgan, the risk of exclusion is already reflected in Strategy's declining market capitalization. While exclusion could result in billions in outflows, retaining Strategy might offer short-term gains. This situation underscores the ongoing debate on classifying firms with significant crypto assets.