Dominic Gwinn / Middle East Images / Middle East Images via AFP Michael Saylor, executive chair of Strategy, is a big backer of bitcoin. Key Takeaways Strategy, the public company with a massive stockpile of bitcoin, won't be getting the boot from major indexes for now. MSCI on Tuesday evening said it intends to start a broader review of the matter. In the meanwhile, the stock is rising. Strategy shareholders haven't caught many breaks lately. They did this week. Index provider MSCI late Tuesday s ...

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Core Viewpoint - MSCI has decided not to exclude bitcoin treasury companies from its global indices, allowing companies like Strategy to remain in benchmark equity indices for now [1][4]. Group 1: Market Impact - Following MSCI's announcement, shares of Strategy increased by 5.5% [1]. - JPMorgan analysts estimated that if MSCI had removed Strategy from its indices, it could have faced approximately $2.8 billion in outflows, with an additional $8.8 billion in potential selling pressure from other index providers adopting similar measures [2]. Group 2: Company Financials - Strategy disclosed a cash reserve of $2.19 billion as of December 21, which provides a buffer against volatility or unexpected operational needs [3]. Group 3: MSCI's Future Plans - MSCI plans to open a broader consultation regarding the treatment of non-operating companies, aiming to ensure consistency with the objectives of the MSCI Indexes [5][6]. - The organization will assess eligibility for entities holding non-operating assets as part of core operations, which may require additional criteria based on financial statements [6]. Group 4: Current Treatment of Digital Asset Companies - Securities on MSCI's preliminary list with digital assets comprising 50% or more of total assets will not see changes to their current treatment, and there will be no increases to the number of shares or inclusion factors for these securities [7].

Strategy(MSTR.US)涨超4%，报164.47美元。消息面上，MSCI表示，将暂缓执行将数字资产财资公司 (Digital Asset Treasury Companies；DATCO)从其指数中剔除的提议，但将就如何对待非营运公司展开更 广泛的磋商，表示将对初步清单上的DATCOs维持现有处理方式，意味Strategy暂时将保留在MSCI的全 球基准指数中。(格隆汇) ...

Core Viewpoint - It is uncommon for Strategy shares to increase in value while the large-cap cryptocurrency market is experiencing a decline [1] Group 1 - Strategy shares have shown resilience in a falling large-cap cryptocurrency market [1]

Core Viewpoint - Shares of Strategy, led by billionaire Michael Saylor, rose in premarket trading after MSCI decided not to exclude crypto treasury firms from its indexes, alleviating some near-term technical risks for public equities that serve as proxies for bitcoin and crypto exposure [1][3]. Group 1: Market Reaction - The decision by MSCI led to a surge in shares of Strategy, which was previously known as MicroStrategy, as it was the first among digital asset treasury companies (DATCOs) to buy bitcoin in 2020, initiating a trend in the market [4]. - Shares of Strategy increased by 4.3% before the market opened, although gains were later trimmed due to a decline in bitcoin prices affecting crypto-related stocks [5]. Group 2: Industry Context - DATCOs gained popularity in 2025 as many firms began holding cryptocurrencies like bitcoin and ether as their main treasury assets, providing investors with indirect exposure to these digital assets [1]. - Despite their popularity, the tokens are subject to significant price volatility, and there is ongoing debate among analysts regarding the appropriate accounting treatment for these companies, whether as holding vehicles or based on their underlying business operations [2]. Group 3: MSCI's Position - MSCI had previously proposed removing DATCOs from its global benchmarks, arguing that they resemble investment funds, which are excluded from its indexes, raising concerns that other index providers might follow suit [3]. - Many firms argue that they are operating companies developing new products and that MSCI's proposals unfairly target the crypto sector. MSCI plans to conduct a broader consultation on the treatment of non-operating companies, suggesting that exclusion may be postponed until later in the year [4].

Michael Saylor's Strategy (Nasdaq: MSTR) finally breathed a sigh of relief after MSCI announced it will not exclude digital asset treasuries (DATs) from its indices. Following the announcement, the MSTR stock surged more than 5% to trade at $166.50 on Jan. 7. Related: Michael Saylor's MicroStrategy sits on unrealized loss worth billions Understanding Strategy's Bitcoin model Saylor, along with Sanju Bansal and Thomas Spahr, founded MicroStrategy as a software firm in 1989. But when the co-founder and e ...

Strategy(MSTR.US)夜盘涨5.8%，报167.12美元。MSCI表示，将暂缓执行将数字资产财资公司(Digital Asset Treasury Companies；DATCO)从其指数中剔除的提议，但将就如何对待非营运公司展开更广泛的 磋商，表示将对初步清单上的DATCOs维持现有处理方式，意味Strategy暂时将保留在MSCI的全球基准 指数中。(格隆汇) ...

Core Viewpoint - MSCI has decided to maintain its current index treatment for "crypto treasury companies," allowing firms like MicroStrategy, which holds Bitcoin as a core asset, to remain included in the index [1][3] Group 1: MSCI's Decision - MSCI will not remove companies with over 50% of their total assets in cryptocurrency from its indices, indicating a temporary reprieve for crypto treasury companies [1] - The decision reflects MSCI's view that crypto treasury companies possess characteristics of investment funds rather than operational companies [1][4] - MSCI plans to initiate broader consultations to explore how to treat non-operational companies in the future [1][4] Group 2: Market Reactions - Following the announcement, MicroStrategy's stock price rose over 6% in after-hours trading, recovering from a nearly 60% decline over the past year [1] - Analysts had previously warned that if MSCI proceeded with a removal plan, it could lead to up to $2.8 billion in outflows from MicroStrategy, with potential further impacts if other index providers followed suit [3] Group 3: Industry Context - MicroStrategy, initially a software company, transitioned to a Bitcoin treasury strategy in 2020, which was initially viewed skeptically but later gained popularity among investors seeking Bitcoin exposure [6] - The stock price of MicroStrategy surged over 3500% at its peak post-transition, outperforming major stock indices [6] - Despite the recent reprieve from MSCI, the debate regarding the positioning of crypto treasury companies within traditional financial indices continues [7]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **Crypto Industry** and its outlook for **2026**, highlighting a **tokenization supercycle** that includes the tokenization of stablecoins, capital markets, and prediction markets [1][2][3]. Core Insights and Arguments 1. **2025 Performance**: Despite a weak Q4 in 2025, Bitcoin ended the year down 6%, while crypto equities had an average return of approximately **59%** [1]. 2. **Bitcoin Price Forecast**: The forecast for Bitcoin in 2026 is set at **$150K**, with a peak target of **$200K** in 2027, indicating a belief that the market has bottomed [1][8]. 3. **Stablecoin Growth**: Total stablecoin supply is expected to grow by **56% YoY** to **$420 billion** by 2026, driven by various factors including cross-border payments and fintech integration [2][47]. 4. **Tokenization of Real-World Assets**: The market for tokenized real-world assets is projected to increase from approximately **$37 billion** in 2025 to **$80 billion** in 2026, with equity tokenization expected to rise from **2%** to **16%** of total assets [3][47]. 5. **Prediction Markets**: The total volume for prediction markets is anticipated to double in 2026, reaching around **$70 billion**, with a significant portion of revenue expected from sports and political markets [4]. Company-Specific Insights Robinhood (HOOD) - **Management Strength**: HOOD is recognized for its effective management across equity, crypto, banking, and wealth management, with a strong distribution network of **14 million active traders** [12]. - **Prediction Markets Revenue**: Expected to contribute **9%** of total trading revenue by 2026, with HOOD building its own prediction markets exchange [15][77]. - **Tokenization Platform**: Plans to launch a full-scale equity tokenization platform, potentially impacting revenues significantly [15]. Coinbase (COIN) - **Business Transition**: COIN is transitioning to an 'everything exchange' model, expanding into tokenized stocks, prediction markets, and derivatives [16]. - **New Product Revenue**: New products are expected to drive **17%** of total trading revenues in 2026 [85]. - **Strategic Partnerships**: Partnerships with Circle are aimed at increasing USDC demand across various trading and payment platforms [16]. Circle (CRCL) - **Market Position**: Circle remains the largest regulated stablecoin provider in the U.S., with USDC growing by **73%** in 2025 to **$76 billion** [19][89]. - **Revenue Growth**: Despite concerns over interest rates, Circle's revenue and EBITDA have shown strong growth, maintaining pace with market demands [19]. Figure (FIGR) - **Loan Origination**: FIGR is expected to capture **5%** of U.S. HELOC origination by 2026, with strong momentum in tokenized consumer credit [26]. - **EBITDA Margin Expansion**: Projected EBITDA margins are expected to increase from **47%** in 2025 to **52%** in 2026 [26]. MicroStrategy (MSTR) - **Bitcoin Holdings**: MSTR holds approximately **674K BTC**, valued at around **$63 billion**, with a strong cash position to cover dividends [30]. - **Market Recovery**: MSTR is expected to benefit significantly from Bitcoin price appreciation, with a forecasted price of **$150K** in 2026 [31]. IREN - **AI Pivot**: IREN is focusing on building a vertically integrated AI business, with plans to set up **100K GPUs** over **350MW** of power [34]. - **Revenue Potential**: Expected to generate approximately **$2.5 billion** in annual recurring revenue by 2027 [39]. Important but Overlooked Content - **Regulatory Catalysts**: Key regulatory changes, such as the SEC crypto innovation exemption and the CLARITY Act, are expected to provide legitimacy to crypto trading platforms and could significantly impact market dynamics [10][11]. - **Market Risks**: The potential launch of crypto trading by legacy brokers and the competitive landscape with new entrants like Binance.US could pose risks to existing players [15][19]. This summary encapsulates the critical insights and projections from the conference call, providing a comprehensive overview of the current state and future outlook of the crypto industry and key companies within it.