JPMorgan has highlighted the risk of MicroStrategy being excluded from MSCI's key stock indexes, which could significantly impact the company's market performance. The decision, expected on January 15, could result in $2.8 billion in passive outflows, with the potential to increase to $8.8 billion if other index providers follow MSCI's lead. This exclusion would further tie MicroStrategy's valuation to its Bitcoin holdings. Despite these concerns, MicroStrategy's stock rose 3.5% in pre-market trading, reaching approximately $193.