JPMorgan has cautioned Strategy Inc. (MSTR) about the risk of being removed from MSCI indices due to its significant exposure to digital assets. The warning follows Strategy's release of a capital structure analysis, which shows a 5.9x asset-to-debt coverage ratio at current Bitcoin prices. The company asserts it can remain solvent even if Bitcoin's price falls to $25,000. In 2025, Strategy Inc. raised $20.8 billion, including $6.9 billion in preferred equity and $2.0 billion in convertible debt, indicating a strategic shift from its 2024 funding approach. JPMorgan estimates that the exclusion from major indices could lead to potential outflows of up to $8.8 billion.