MicroStrategy is experiencing significant pressure due to a sharp contraction in its mNAV premium, reduced Bitcoin accumulation, executive stock sales, and potential index delisting. As of November 21, the company's mNAV has fallen to 1.2, a 54.9% decrease from its historical high of 2.66, raising concerns about its financial model and market confidence. The stock has declined 40.9% year-to-date, leading to speculation about its potential removal from major indices like the Nasdaq 100 and MSCI US Index. MSCI is considering a proposal to exclude companies with over 50% of assets in Bitcoin or other crypto assets, with a decision expected by January 15, 2026. Despite these challenges, MicroStrategy remains within the top 100 by market cap, reducing immediate delisting risk. The company has also raised $710 million through a euro-denominated perpetual preferred stock offering to bolster its Bitcoin reserve strategy.