MSTR finally stabilized this time. Today, I want to discuss MSCI's decision on whether to include or exclude it from their index—this actually reflects a broader awkward situation in the entire market.

The core contradiction is simple: MSTR's balance sheet is filled with Bitcoin, which raises a classification dilemma—Is it a stock, or a crypto fund disguised as a stock?

Institutional investors' concerns are understandable. If MSTR is essentially a crypto asset holding vehicle, then including it in traditional stock indices feels a bit inappropriate. The integrity of the index must also be considered. Behind this controversy is a bigger question of how traditional finance and crypto assets should be integrated.