全球指数提供商MSCI宣布，将维持目前对所谓"加密货币财库公司"的指数处理方式，此举意味着 MicroStrategy等将比特币作为核心资产的企业暂时免遭剔除。 周二，明晟公司（MSCI）在声明中表示，将维持对包括加密货币持有量超过总资产50%的公司在内的 现有指数处理方式，也就是暂不将财库公司剔除出指数。 MSCI指出，加密货币财库公司（DATCOs）具有投资基金特征，这类公司业务活动主要以投资为导向 而非经营为导向。作为替代方案，MSCI透露计划启动更广泛的咨询，探讨应如何对待非经营性公司。 Strategy目前持有超过600亿美元的比特币，约占其企业价值的99%。受此消息提振，Strategy股价在盘后 交易中上涨超6%，此前一年该股已累计下跌近60%。 更广泛的咨询与定义难题 尽管MSCI搁置了这一可能导致加密资产密集型公司被移出主要基准指数的争议性计划，但这并不意味 着监管大门就此关闭。CIBC Capital Markets股票和投资组合策略主管Christopher Harvey评论称： MSCI在声明中解释称，区分那些持有非运营资产（如加密货币）是为了核心运营还是仅仅为了投资目 的，需要进一步 ...

Core Viewpoint - MSCI has decided to maintain the current classification of companies with significant digital asset exposure, specifically digital asset treasury companies (DATCOs), after a consultation that raised concerns about their classification and index eligibility [1][2][3] Group 1: MSCI's Decision and Its Implications - MSCI's review confirmed that some DATCOs exhibit characteristics similar to investment funds, which are not eligible for inclusion in its indices [2] - The decision allows DATCOs currently included in MSCI's global indexes to remain eligible, provided they meet all other inclusion requirements [4] - The results of the consultation will apply to MSCI's February 2026 Index Review, confirming no changes to the index treatment of DATCOs in that cycle [3] Group 2: Market Trends and Investor Sentiment - In the previous year, public companies adopted crypto treasury strategies, raising $2.6 billion to accumulate digital assets as balance-sheet reserves amid market uncertainty [5] - The trend of digital asset treasury companies attracted strong investor interest, with some trading at premiums based on token holdings rather than operational performance [6] - The market has shifted from rapid adoption to reassessment, leading to debates among regulators, index providers, and investors about the sustainability of crypto treasury firms as a corporate model [6]

本文源自：市场资讯 作者：观察君 MSCI表示，区分"投资公司"与那些将数字资产等非经营性资产作为核心经营活动组成部分而非单纯用 于投资的公司，仍需要进一步研究并与市场参与者展开更多磋商。该公司将就如何对待非经营性公司启 动更广泛的咨询。 此次MSCI的决定，是对其于2025年10月提出的一项咨询的最终回应。该提议曾考虑将数字资产财库公 司从其指数体系中剔除，引发了相关行业和投资者的广泛关注。在咨询期间，Strategy公司曾向MSCI提 交公开信，对该提议表示坚决反对。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 全球指数编制公司MSCI于1月7日公布了针对数字资产财库公司相关咨询的结果。根据MSCI发布的声 明，该公司决定在即将于2026年2月进行的指数评审中，暂不实施将数字资产财库公司排除出其全球可 投资市场指数的提案。 MSCI在声明中指出，针对这类公司的指数适格性，可能在未来需要引入额外的评估标准，例如基于财 务报表或其他指标的判断。在现阶段，MSCI将维持其初步名单上相关公司的现有指数处理方式。这些 公司被定义为数字资产持有量占总资产50%或以上的企业。这 ...

Core Viewpoint - MSCI has decided not to proceed with a proposal to exclude digital asset treasury companies (DATCOs) from its indexes, indicating a shift in its approach towards these entities [1] Group 1: MSCI's Decision - MSCI will not exclude DATCOs from its indexes, which suggests a more inclusive stance towards digital asset companies [1] - The decision reflects MSCI's recognition of the growing importance of digital assets in the financial landscape [1] Group 2: Future Consultation - MSCI plans to launch a broader consultation regarding the treatment of non-operating companies, indicating a potential reevaluation of how such entities are categorized within its indexes [1] - This consultation may lead to changes in the criteria for index inclusion, impacting various sectors including digital assets [1]

每经AI快讯，1月7日，明晟公司(MSCI)称，不会实施剔除"DATCOs"(数字资产财库公司)的方案。现阶 段，MSCI众多指数中的DATCOs成分股将维持(被纳入的)现状。 ...

Authored by Juan Galt via BitcoinMagazine.com,In a move that could shape corporate Bitcoin adoption, index provider MSCI is set to decide whether to exclude companies holding significant Bitcoin reserves from its global benchmarks. The outcome, due January 15, may influence billions in forced selling and set precedents for how Wall Street views Bitcoin as a treasury asset.MSCI Inc., a New York-based publicly traded company listed on the NYSE with a market capitalization of $43.76 billion and a stock price o ...

Group 1 - The stock selection process showed positive momentum in December, with an average gain of 0.83% for the selected 15 stocks [1] - The SPDR® S&P 500® ETF was mentioned as a benchmark for performance comparison [1] Group 2 - The analyst holds long positions in various companies, including ZTS, MSCI, DPZ, and others, through stock ownership, options, or derivatives [2] - The article reflects the analyst's personal opinions and is not influenced by compensation from any company mentioned [2]

In the current market session, MSCI Inc. (NYSE:MSCI) share price is at $584.80, after a 0.03% drop. Over the past month, the stock spiked by 6.91%, but over the past year, it actually decreased by 2.48%. With good short-term performance like this, and questionable long-term performance, long-term shareholders might want to start looking into the company's price-to-earnings ratio.MSCI P/E Ratio Analysis in Relation to Industry PeersThe P/E ratio is used by long-term shareholders to assess the company's marke ...

Core Viewpoint - The discussion centers around the decline in digital asset treasury (DAT) stocks and the implications of MSCI's potential exclusion of companies with significant digital asset holdings from its indexes [1] Group 1: Digital Asset Treasury (DAT) Stocks - Recent decline in DAT stocks is highlighted, indicating a shift in market sentiment towards digital assets [1] - The rapid growth of DATs is projected for 2025, suggesting a potential recovery or increase in interest in digital assets [1] Group 2: MSCI Controversy - MSCI is evaluating whether to exclude companies with digital asset holdings exceeding 50% of their total assets from the MSCI Global Investable Market Indexes [1] - The rationale behind this consideration is that such companies may function more like investment funds rather than traditional operational companies [1]

Core Viewpoint - The potential exclusion of Michael Saylor's Strategy from MSCI and other major stock indexes could lead to a significant loss in demand for its shares, estimated at up to $9 billion, and negatively impact the broader cryptocurrency sector [1][8]. Group 1: MSCI's Proposal and Industry Impact - MSCI proposed to exclude companies with digital asset holdings representing 50% or more of their total assets from its global benchmarks, arguing they resemble investment funds [2]. - The exclusion could lead to significant outflows from passive asset managers, who hold approximately 30% of a large-cap company's free float, which is particularly concerning for the digital asset treasury (DAT) industry [5]. - Analysts suggest that if MSCI excludes DAT companies, other index providers are likely to follow suit, potentially affecting the eligibility of DATs in equity indexes overall [4]. Group 2: Financial Implications for Strategy - Shares of Strategy, which began as MicroStrategy, saw a 3,000% increase after starting to buy bitcoin in 2020, but have since fallen about 43% this year due to a slump in cryptocurrency values [3]. - Analysts estimate that $2.5 billion of Strategy's market value is derived from MSCI, with an additional $5.5 billion from other indexes, indicating a substantial financial risk if excluded [8]. - JPMorgan projects that Strategy could face $2.8 billion in outflows if excluded from MSCI, escalating to $8.8 billion if removed from other indexes like the Nasdaq 100 and various Russell indexes [8]. Group 3: Industry Sentiment and Reactions - Strategy's leadership, including Michael Saylor, has downplayed concerns regarding potential exclusion, although they acknowledge that it could lead to $2.8 billion in stock liquidation and "chill" the industry [6]. - The proposed exclusion could effectively shut DATs out of the $15 trillion passive-investment market, significantly weakening their competitive position [7].