• In recent weeks, Strategy (formerly MicroStrategy) has come under renewed pressure as MSCI reopened a consultation that could see the Bitcoin-heavy software company treated as a non-operating entity and potentially excluded from key global indexes, while the firm continues selling Bitcoin and common stock to help fund sizable preferred dividend obligations.
• Beyond the headline index risk, these moves highlight how Strategy’s large unrealized Bitcoin losses and reliance on capital markets are reshaping debate over the viability of the Bitcoin treasury company model.
• We’ll now examine how the renewed MSCI index eligibility threat influences Strategy’s investment narrative and its concentrated Bitcoin treasury approach.

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