MicroStrategy Inc’s (NASDAQ:MSTR) stock doesn’t trade like a software company anymore — and Jan. 15 could force Wall Street to formally admit it.

The company has effectively reinvented itself as a Bitcoin (CRYPTO: BTC) balance-sheet vehicle, with its equity price now moving far more in sync with crypto than enterprise software fundamentals. That strategy has delivered eye-catching upside — but it’s also triggered a new and underappreciated risk: index classification.

When The Treasury Becomes The Business

At the center of the issue is MicroStrategy’s massive Bitcoin holdings, which now dominate its corporate identity. What began as a treasury hedge has evolved into the company’s primary…

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