摩根大通最新研究報告指出，決定比特幣短期走勢的關鍵不在於礦工賣壓，而在於 Strategy（MSTR）能否維持企業價值/持幣市值比（EV/BTC）高於 1，藉此避免拋售比特幣（BTC）。目前該比值約為 1.13，且 Strategy 已建立 14.4 億美元的美元儲備，可覆蓋未來兩年的利息與分紅，降低被迫賣幣的風險。

若 MSCI 在 1 月 15 日最終未將其剔除，MSTR 與 BTC 或將迎來強勢修復；即便遭到剔除，相關負面因素也已基本反映在股價（Price in）中。摩根大通仍維持其中期目標價模型，認為 BTC 的理論估值約為 17 萬美元。

JPMorgan's latest research report states that the key factor determining Bitcoin's short-term trend is not selling pressure from miners, but whether Strategy (MSTR) can maintain its Enterprise Value-to-Bitcoin Holdings Market Value ratio (EV/BTC) above 1 to avoid selling Bitcoin (BTC). Currently, this ratio stands at approximately 1.13. Additionally, Strategy has built a $1.44 billion U.S. dollar reserve, which can cover interest and dividends for the next two years, reducing the risk of being forced to sell Bitcoin.  

If MSCI ultimately does not delist MSTR on January 15, both MSTR and BTC may see a strong recovery; even if delisted, the relevant negative factors have largely been priced into the stock price. JPMorgan still maintains its mid-term target price model, believing that Bitcoin's theoretical valuation is around $170,000.