the corporate-treasury bid is getting stress-tested from three directions at once MSCI opened a consultation that could classify $MSTR and Metaplanet as non-operating companies and strip them from global indexes. if adopted, passive funds tracking those indexes become forced sellers. Strategy's public rebuttal - measure markets, not dictate corporate assets - is a tell that the flow risk is real, not cosmetic same week: BTC ETFs printed august's first two-day drawdown after the 853m USD/5d accumulation streak, and Strategy itself sold 1,690 BTC with its USD reserve at 4.65b. the 'permanent corporate buyer' framing is now a debate, not a given the risk is not the MSCI headline. it is compounding: index exclusion + ETF flow stall + treasury selling all pressure the same marginal-buyer thesis. watch the consultation timeline and whether august ETF prints stay negative NFA