Yes — instead of making it another “MSCI → MSTR selling → financing” explanation, I’d approach it from the difference between a stock-market problem and a Bitcoin problem. The MSCI debate is creating a lot of noise around Strategy, but there are really two separate questions here. What happens to MSTR if index funds stop holding it? And what happens to Bitcoin? Those aren’t automatically the same thing. Strategy can see its stock come under pressure without selling its $BTC . The bigger issue is that a weaker MSTR could change how attractive Strategy’s entire business model becomes.