Michael Saylor’s Strategy Risks Losing Billions in Index Flows

Michael Saylor’s Strategy Inc. is among the most exposed to the crypto slump — and now faces the real risk of being dropped from the benchmark indices that have underpinned its presence in mainstream portfolios.

In a note this week, analysts at JPMorgan Chase & Co. warned that Strategy could lose its place in the likes of MSCI USA and Nasdaq 100. As much as $2.8 billion could exit if MSCI moves ahead — and billions more if other index providers follow suit. Passive funds tied to the firm already account for nearly $9 billion of market exposure. A ...