来源：市场资讯 （来源：吴说） 作者：KarenZ，Foresight News 链接：https://www.techflowpost.com/article/detail_29527.html 声明：本文为转载内容，读者可通过原文链接获得更多信息。如作者对转载形式有任何异议，请联系我 们，我们将按照作者要求进行修改。转载仅用于信息分享，不构成任何投资建议，不代表吴说观点与立 场。 关乎数字资产财库公司（DAT）行业发展的博弈正在持续进行中。 10 月份，全球指数编制公司 MSCI 抛出一项提议，提议将数字资产持有量占总资产 50% 或以上的公司 从其全球可投资市场指数中排除。这一举措直接威胁到以 Strategy 为代表的数字资产财库公司的市场地 位，甚至可能改写整个数字资产财库公司的资本流向。 据 Bitcoin for Corporations 统计的数据，39 家公司可能被排除在 MSCI 全球可投资市场指数之外。摩根 大通分析师此前警示，仅 Strategy 被剔除一项就可能导致近 28 亿美元的被动资金流出，如果其他指数 提供商跟进效仿这一规则，则可能造成高达 88 亿美元的资金流出。 | | ...

Strategy CEO: We Remain Confident Even If the Market Enters a Bear CycleStrategy CEO Phong Le said in a What Bitcoin Did interview on November 28, 2025, that accessing capital markets during a bear market is far more difficult than in a bull cycle, and the company can no longer raise dollars as easily as before. The launch of preferred products such as Stretch is intended to give MicroStrategy the ability to finance even when Bitcoin's price is flat or volatile. He noted that MicroStrategy has built a Bitco ...

microstrategy holds 423,650 btc worth $38.2b that sits idle. cftc pilot december 16 lets them post 20,000 btc as derivatives margin, access $1.5b+ exposure after haircut, zero tax event. no more convertible debt games. every bitcoin treasury company just got handed leverage without liquidation. saylor understood this months ago. ...

Group 1 - Strategy (MSTR.US) has maintained its position in the Nasdaq 100 index for over a year, despite ongoing skepticism about its business model [1][2] - The company's "buy and hold" Bitcoin strategy resembles that of an investment fund, leading to the emergence of numerous imitators in the market [1] - Concerns about the sustainability of crypto asset reserve companies are increasing, with Strategy's stock price being highly sensitive to Bitcoin's volatility [1] Group 2 - Nasdaq has removed several companies, including Biogen (BIIB.US) and CDW (CDW.US), from the Nasdaq 100 index, while adding new constituents like Alnylam Pharmaceuticals (ALNY.US) and Seagate Technology (STX.US) [1] - Initially a software company, Strategy shifted to Bitcoin investment in 2020 and was included in the Nasdaq 100 index in December of the previous year [2] - MSCI has expressed concerns about including digital asset reserve companies in its benchmark index and is expected to make a decision regarding Strategy in January [2]

Core Insights - Bitcoin hoarding giant Strategy has maintained its position in the Nasdaq 100, continuing its presence for over a year despite analysts questioning its business model [1] Company Summary - The company is recognized as a significant player in the Bitcoin market, indicating its influence and relevance in the cryptocurrency sector [1] - Analysts have raised concerns regarding the sustainability and viability of the company's business model, suggesting potential challenges ahead [1] Industry Summary - The ongoing scrutiny of business models within the cryptocurrency industry highlights the evolving landscape and the need for companies to adapt to market conditions [1] - The performance of Bitcoin-related companies, such as Strategy, is closely monitored by investors, reflecting the broader trends and sentiments in the cryptocurrency market [1]

Group 1 - Strategy (MSTR) remains in the Nasdaq 100, continuing its year-long presence amid questions regarding its business model [1][3] - Analysts have raised concerns about the sustainability of crypto treasury companies, which are highly sensitive to bitcoin price fluctuations [2] - Nasdaq is set to remove several companies from its benchmark index, while new entrants include Alnylam Pharmaceuticals and Seagate Technology [2] Group 2 - Strategy transitioned from a software company to a bitcoin investment firm in 2020 and was included in the Nasdaq 100 under the technology sub-category [3] - MSCI has expressed concerns about the inclusion of digital-asset treasury companies in its benchmarks, with a decision expected in January regarding Strategy's status [3] - The changes to the Nasdaq index are scheduled to take effect on December 22 [4]

Core Viewpoint - Strategy (MSTR) has experienced a significant decline in stock price and is underperforming compared to major indices, with upcoming financial results expected to show substantial year-over-year earnings growth despite a slight revenue decline [1][2][3]. Company Performance - In the latest trading session, Strategy closed at $176.50, down 3.71% from the previous day, underperforming the S&P 500, which lost 1.07% [1]. - Over the last month, Strategy's shares have decreased by 12.1%, contrasting with the Finance sector's gain of 2.46% and the S&P 500's gain of 0.94% [1]. Upcoming Financial Results - Analysts expect Strategy to report earnings of $46.02 per share, indicating a year-over-year growth of 1538.13%, while revenue is projected at $119.6 million, down 0.91% from the prior-year quarter [2]. - Full-year estimates suggest earnings of $78.04 per share and revenue of $473.1 million, representing year-over-year changes of +1261.31% and +2.08%, respectively [3]. Analyst Estimates and Confidence - Recent changes in analyst estimates for Strategy indicate a positive outlook, reflecting analysts' confidence in the company's performance and profit potential [3]. - The Zacks Rank system, which assesses estimate changes, shows that stocks rated 1 (Strong Buy) have historically delivered an average annual return of +25% since 1988 [5]. Valuation Metrics - Strategy is currently trading at a Forward P/E ratio of 2.35, significantly lower than the industry average of 12.42, suggesting it is undervalued [6]. - The Financial - Miscellaneous Services industry, to which Strategy belongs, ranks in the top 35% of all industries, indicating a strong position within the sector [6].

Core Viewpoint - Analysts have raised concerns that MicroStrategy (MSTR.US), a major Bitcoin holder, may face removal from the Nasdaq 100 index due to questions surrounding its business model, which has already pressured its stock price [1][6] Group 1: Company Overview - MicroStrategy initially operated as a software company but shifted its focus to Bitcoin investment in 2020, reaching a market cap peak of $128 billion earlier this year [1] - The company reported a net profit of $2.78 billion for the three months ending September 30, compared to a loss of $340.2 million in the same period last year, largely due to an accounting change that allowed it to recognize Bitcoin appreciation as revenue [1] - Traditional software business revenue was only $128.7 million, indicating a significant reliance on Bitcoin for profitability [1] Group 2: Market Reactions and Analyst Opinions - Concerns about the sustainability of digital asset reserve companies are growing, with MicroStrategy's stock price being highly sensitive to Bitcoin's volatility; it has dropped 65% from its 2024 peak and 36% year-to-date, while Bitcoin has decreased by 3.6% this year [6] - Analysts suggest that if MicroStrategy is viewed as a holding or cryptocurrency company rather than a software company, it becomes more susceptible to removal from the index [1][6] - Jefferies estimates that if MicroStrategy is removed from the Nasdaq 100, it could experience approximately $1.6 billion in passive fund outflows [6] Group 3: Index Composition and Future Outlook - Nasdaq has been tightening its requirements for listing digital asset reserve companies, and the decision regarding MicroStrategy's inclusion in the index is expected to be announced after market close on Friday, with adjustments effective December 22 [2][8] - Other companies, including Biogen and CDW, are also at risk of being removed from the Nasdaq 100 index, with Jefferies noting that these companies currently have the lowest market caps among the 100 constituents [8] - MSCI is set to decide in January whether to exclude MicroStrategy and similar companies from its benchmark index, reflecting broader concerns about the viability of digital asset reserve models [6][7]

Group 1: Bank of Nova Scotia - The Bank of Nova Scotia is considered a "very good" company by Jim Cramer, who highlighted its better-than-expected fourth-quarter results [1] - Bank of Nova Scotia shares gained 0.4% to close at $72.92 [6] Group 2: Strategy Inc - Bernstein analyst Gautam Chhugani maintained an Outperform rating for Strategy Inc but lowered the price target from $600 to $450 [2] - Strategy shares fell 0.7% to settle at $183.30 [6] Group 3: AST SpaceMobile, Inc. - Cramer described AST SpaceMobile as speculative, indicating potential for significant losses [2] - AST SpaceMobile shares rose 7.2% to settle at $84.75 [6] - The company announced the addition of two new manufacturing sites in Texas and Florida [2] Group 4: DexCom, Inc. - Cramer expressed a lack of interest in owning DexCom, despite Citigroup analyst Joanne Wuensch maintaining a Buy rating and raising the price target from $75 to $77 [3] - Dexcom shares gained 2% to close at $68.94 [6] Group 5: NRG Energy - Cramer recommended buying NRG Energy, citing its nuclear component and strong management [3] - UBS analyst William Appicelli initiated coverage on NRG Energy with a Buy rating and a price target of $211 [3] - NRG Energy shares rose 1.5% to settle at $170.64 [6] Group 6: MercadoLibre, Inc. - Cramer endorsed MercadoLibre as a buy, calling it "such a good company" [4] - BTIG analyst Marvin Fong reiterated a Buy rating on MercadoLibre with a price target of $2,750 [4] - MercadoLibre shares gained 2.5% to close at $2,019.81 [6]

Core Viewpoint - MicroStrategy may face the risk of being removed from the Nasdaq 100 index due to concerns over its business model and declining stock price, which has led to skepticism among analysts [1][4][10]. Company Overview - MicroStrategy initially operated as a software company but transformed into a Bitcoin investment entity in 2020. Its stock price surged earlier this year, reaching a market capitalization of $128 billion, and it was included in the Nasdaq 100 index in December last year [1][4]. - The company's third-quarter net profit reached $2.78 billion as of September 30, compared to a loss of $340.2 million in the same period last year, primarily due to accounting changes that allowed it to recognize gains from Bitcoin holdings. However, its traditional software business generated only $128.7 million in revenue [8][10]. Market Concerns - There is growing concern about the sustainability of the business model for companies holding crypto assets, as their stock prices are highly sensitive to Bitcoin price fluctuations. MicroStrategy's stock has dropped 65% from its 2024 peak and 36% year-to-date, while Bitcoin has only decreased by 3.6% during the same period [4][10]. - As of Thursday, MicroStrategy's market capitalization fell to $52.7 billion, while the value of its Bitcoin holdings exceeded $61 billion [10]. Index Inclusion and Analyst Opinions - Analysts have expressed doubts about MicroStrategy's continued inclusion in the Nasdaq 100 index, suggesting that if it is classified as a holding company or cryptocurrency firm rather than a traditional software company, it could be removed from the index [8][10]. - Some analysts believe that MicroStrategy is currently safe due to its relatively high market capitalization, which is above that of approximately 30 other companies in the Nasdaq 100 index [11]. Potential Impact of Removal - If MicroStrategy is removed from the index, it could face an outflow of approximately $1.6 billion in passive funds [10][11]. - The global index provider MSCI has also raised questions about the inclusion of companies holding crypto assets in its benchmark indices, with a decision expected in January regarding MicroStrategy and similar companies [11]. Other Companies in Focus - Besides MicroStrategy, other companies such as Biogen and CDW are also at risk of being removed from the Nasdaq 100 index, as they are among the lowest market capitalization stocks in the index [11][12].