MicroStrategy (MSTR) has contested MSCI's decision to exclude it from the index, urging the organization to reconsider. The company's stock rose by 3.16% following the announcement, with its 30-day average volume increasing by $4. Additionally, its market net asset value (mNAV) reached 1.18, representing an 18% premium over its Bitcoin-backed value. Analysts caution that a complete exclusion could lead to $2.8 billion in passive fund outflows, potentially impacting Bitcoin analysis and index-linked investors.