@ngkhanh025
MSTR holds ~$59B worth of BTC, yet its market cap is only ~$46B.
That’s a ~25% discount to NAV — an $8.8B problem.
Why it matters: on Jan 15, MSCI decides whether crypto-related companies get removed from its indices. If that happens, index funds are forced sellers, regardless of price.
JPMorgan estimates ~$2.8B of flows tied to MSCI, potentially up to $8.8B if others follow. That’s pure forced selling.
MSTR is already down ~66%.
If this plays out, the leveraged BTC strategy is under serious pressure.
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