Strategy faces $12 billion threat from MSCI and other indexes: JPMorgan

JPMorgan has warned that Michael Saylor’s Bitcoin treasury company, Strategy, faces a $12 billion threat from MSCI and other index providers that could delist the company.

The warning comes after MSCI said in an October 10 statement statement that it considers excluding companies whose digital asset holdings represent more than 50% of their total assets from the MSCI Global Investable Market indices. His decision is expected on January 15.

If that happens, JPMorgan analysts led by Nikolaos Panigirtzoglou said in a note this week that Strategy could see up to $2.8 billion in cash disappear, adding that billions more would follow if other index providers follow its lead.

Passive funds using index-based allocations hold about $9 billion of Bitcoin buyer’s stock, he said, through indexes such as MSCI USA and Nasdaq 100.

“Even if active managers are not obliged to follow the developments of the indices, their exclusion from the main indices would certainly be perceived negatively by market participants,” write the analysts.

MSCI said in its statement that some digital asset treasury companies may be more like investment funds that are not eligible for inclusion in its indices.

The odds of MSCI excluding Strategy and other digital asset treasury companies from its indexes are “solidly in favor,” Charlie Sherry, head of finance at BTC Markets, told CoinTelegraph. It “only submits changes like this for consultation when they are already leaning in that direction”.

MARA, Metaplanet and anti-riot platforms also under threat

A preliminary list published by MSCI shows that 38 crypto companies, including Strategy, could be affected by the decision. Other companies on MSCI’s radar include SharpLink Gaming, Riot Platforms, Marathon Digital and others.

Top 10 largest companies holding BTC (Source: Bitcoin Treasures)

Saylor says strategy ‘indestructible’ as MSTR plunges further

Strategy is the largest Bitcoin holding company in the world. Data from BitcoinTreasuries shows that the company currently has 649,870 BTC on its balance sheet.

But Bitcon’s dizzying 34% collapse since hitting an all-time high of $126,198 on Oct. 6 has also sent Strategy’s stock price tumbling, which has plunged more than 56% over the past month, according to at Google Finance.

MSTR extended its downtrend with another 5% decline in the past 24 hours, while Bitcoin plunged more than 9% to trade at $83,591 as of 3:50 a.m. EST.

Saylor addressed concerns that Bitcoin’s fall could put more pressure on Strategy in a CNBC interview this week, arguing that Strategy is “the best capitalized company in the crypto economy.”

₿better than ever. Today I was warming up for @natbrunell as we both talked about Bitcoin with @cvpayne. You’ll want to hear what she had to say. pic.twitter.com/vDaFceyeza

-Michael Saylor (@saylor) November 18, 2025

“We have billions of dollars of equity liquidity every day, and our credit instruments are 100 times more liquid than the average preferred stock,” he added.

He said the strategy is “designed to take an 80-90% decline” while still “continuing to operate.”

“So I think we’re pretty indestructible,” he said.

Bitcoin permabear Peter Schiff called Strategy’s business model a ‘fraud’ and said in an job earlier in the day, Saylor’s company “would have been in a better situation” if it had “purchased just about any other asset.”

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