Michael Saylor’s flagship strategy is facing a silent threat that could trigger up to 11 billion in forced selling. And almost no one outside the industry is talking about it.

MSCI is questioning whether Strategy should still be treated like a normal operating company or reclassified as a digital asset treasury vehicle. That single decision could push the company out of multiple MSCI indices and force billions in passive outflows. JPMorgan pegs the first wave at ~2 billion, with the total risk climbing sharply if Nasdaq, S&P, and Russell follow.

Why does this matter? Because this is the first real test of whether companies holding bitcoin at scale will be welcomed inside mainstream benchmarks or pushed out of them entirely. The outcome sets a precedent for every corporate bitcoin treasury that follows.

This is more than an index decision. It is a battle over how the financial system defines the future of corporate balance sheets.

If MSCI moves forward, does it open the door or close it for #bitcoin as a strategic asset?