There is a new risk building around the corporate #Bitcoin trade that has nothing to do with bitcoin:native itself. MSCI is considering rules that could remove companies like Strategy and Metaplanet from some of its global indexes. That matters because index inclusion creates automatic demand. Pension funds, ETFs and passive portfolios do not buy Strategy because they have a view on #Bitcoin. They buy it because the index tells them to. If Strategy gets removed, some of that process works in reverse. This would not force Strategy to sell its Bitcoin. But it could force passive investors to sell Strategy shares, pressure the stock, weaken its ability to raise capital at attractive valuations, and indirectly make the Bitcoin accumulation model harder to sustain. That is where I think the market impact gets interesting. Corporate Bitcoin treasuries created a bridge between traditional equity liquidity and #Crypto. If index providers start questioning whether these companies should even be treated like normal operating businesses, that bridge becomes less reliable. MSCI has not made a final decision yet. But this is one of those stories where the second order effect matters much more than the headline.