Core Viewpoint - Veteran short seller Jim Chanos has exited his hedged trade on Strategy (NASDAQ:MSTR), which was closely monitored by cryptocurrency and equity market participants [1][2]. Group 1: Trade Details - Chanos's strategy involved shorting Strategy shares while holding a long position in Bitcoin, aiming to exploit the perceived inflated premium between the company's market value and its cryptocurrency assets [2]. - The trade was initiated in December when Strategy's market-to-net-asset-value (mNAV) ratio was approximately 2.50x, which has since decreased significantly to 1.22x as of November 21 [3][4]. Group 2: Market Dynamics - The rationale for the trade was that Strategy's shares were trading at a substantial premium compared to the value of its Bitcoin holdings and operational business, with expectations that this gap would narrow over time due to the company's issuance of common equity [4][6]. - The implied premium, calculated as Strategy's enterprise value minus its Bitcoin holding value, has decreased from a peak of $80 billion in November 2024 and $70 billion in July to approximately $15 billion [5].

Strategy stated that even if Bitcoin drops to its average cost basis of $74,000, its BTC holdings would still cover its convertible debt by 5.9 times—a ratio the company refers to as its “BTC Rating.” Strategy also noted that at a BTC price of $25,000, the coverage would remain at 2.0 times. Recently, Strategy was once again excluded from the S&P 500 Index. https://t.co/OnGhhemIZU ...

Core Viewpoint - The proposal by MSCI to potentially exclude "digital asset treasury companies" from its global investable market index has sparked a conflict between cryptocurrency supporters and traditional financial institutions, particularly focusing on MicroStrategy's status [1][3][4]. Group 1: MSCI's Proposal and Market Reaction - MSCI has issued a consultation document suggesting the exclusion of companies holding more than 50% of their total assets in digital assets, questioning whether these companies exhibit characteristics similar to investment funds [1][4]. - JPMorgan has warned that if MicroStrategy is excluded, it could exert "huge pressure" on its valuation, estimating that MSCI's action could trigger around $2.8 billion in forced selling from passive funds [1][2]. - The potential total sell-off could reach up to $8.8 billion if other index providers follow suit [1]. Group 2: Cryptocurrency Community's Response - The cryptocurrency community has reacted strongly against MSCI's proposal and JPMorgan's analysis, with some calling for a boycott of JPMorgan and suggesting short-selling its stock [3]. - Michael Saylor, Executive Chairman of MicroStrategy, argues that the company is not a fund or trust but an operational entity with a $500 million software business using Bitcoin as "productive capital" [3][8]. Group 3: Conceptual Debate on Company Classification - The core of the debate revolves around how to define these new types of companies, with two opposing viewpoints emerging in the market [6]. - Supporters argue that these companies are legally stocks and should be treated as such, while opponents, including Saylor, assert that MicroStrategy is a structural financial company leveraging Bitcoin, not a fund [7][8]. Group 4: Market Trends and Implications - MSCI's actions may accelerate a market trend where institutional capital shifts from "digital asset treasury" stocks to spot Bitcoin ETFs, which have already surpassed $100 billion in assets under management [9]. - The transition could lead to liquidity issues for treasury companies, as selling pressure may arise if their stock prices fall below the net value of their crypto holdings [9][10]. - Other companies like Riot Platforms and Marathon Digital are also under observation by MSCI, indicating potential liquidity risks for the broader market [10].

来源：市场资讯 吴说获悉，据 SEC 最新 13F 披露，欧洲最大资管公司 Amundi 在 2025 年第三季度大幅减持 Strategy （MSTR）：季度净卖出 772,620 股，按当季价格估算价值约 1.35 亿美元；持仓从 Q2 的 255.66 万股降 至 178.39 万股，权重由 0.12% 降至 0.09%。 （来源：吴说） ...

📉 Strategy (MSTR) is near its bitcoin cost basis (~$74.4K), but the crucial test for the balance sheet is 18 months out, tied to a cash put option on its convertible notes.@btcjvs reports. BTC Treasuries Month is presented by @GeniusGroupLtd_https://t.co/hFEjkVgayg ...

Bitcoin Holdings & Custody - Strategy has been diversifying custodians away from Coinbase [1] - Strategy has moved 58,390 Bitcoin (approximately $51 billion) to Fidelity Custody over the past 2 months [1] - Fidelity Custody uses an omnibus system, mixing clients' assets, including some of Strategy's BTC [1] Tracking & Total Holdings - Arkham tracks approximately 92% of Strategy's Bitcoin, including BTC deposited to Fidelity Custody [2] - In total, Strategy holds 641,692 BTC (approximately $5614 billion) [2] - 165,709 BTC (approximately $1450 billion) has been sent to Fidelity Custody [2]

$MSTRLooks like it was not good. https://t.co/Ji6LAhptTbMayne (@Tradermayne):$MSTRThoughts? https://t.co/fAOxlG2bj4 ...

Core Insights - S&P Global's recent quarterly index updates have once again excluded Strategy, favoring SanDisk for inclusion in the S&P 500, which is particularly detrimental for Strategy as it may also be removed from MSCI's USA benchmark [1][2]. Group 1: S&P 500 Inclusion Criteria - Despite being among the 250 most valuable companies in the U.S., Strategy has never been included in the S&P 500 due to S&P's Index Committee considering multiple qualitative and quantitative criteria beyond market capitalization [2]. - The Index Committee traditionally avoids admitting companies that primarily generate income from asset exposure rather than operational fundamentals, which aligns with Strategy's exclusion [3][7]. - Companies that function more like investment funds, such as holding companies and conglomerates, are often disqualified from the index [3][7]. Group 2: MSCI Benchmark Concerns - JPMorgan reported that MSCI is reviewing how to treat companies primarily involved in Bitcoin or digital asset treasury activities, similar to S&P's approach [4]. - MSCI has proposed excluding companies whose crypto holdings constitute 50% or more of their total assets to prevent distortion in sector weighting [5]. Group 3: Company Positioning and Revenue - Strategy's Chairman, Michael Saylor, emphasized that the company is not a fund or holding company but a publicly traded operating company with a $500 million software business and a unique treasury strategy utilizing Bitcoin [6]. - However, Saylor's comments inadvertently support the argument against Strategy's inclusion in stock indexes, as the company does not meet the revenue thresholds typical for major benchmarks [6][8]. - Companies in the MSCI USA and S&P 500 usually generate tens of billions of dollars annually and rarely report net losses, which Strategy does not achieve based on software revenues alone [8].

Group 1 - The core point of the news is that MSTR (MicroStrategy) shares fell by 3.6% to $172.48 in pre-market trading following the announcement that Sandisk Corp. will officially join the S&P 500 index on November 28, which is a competitive setback for MSTR that recently qualified for inclusion in the index [1] Group 2 - MSTR's closing price on November 24 was $179.04, reflecting an increase of 5.01% [2] - The pre-market price for MSTR on November 25 was $172.48, down by $6.56 or 3.66% [2] - MSTR's trading volume was 23.2826 million shares, with a total market capitalization of $51.448 billion [2] - The stock's 52-week high was $457.22, while the 52-week low was $166.01 [2]

RT Gareth Jenkinson (@gazza_jenks)"Every company needs to become a Bitcoin treasury company because Bitcoin is better money."I sat down with @saifedean for an in-depth chat on the state of Bitcoin and Treasury companies remain a big focal point.Are there too many Bitcoin Treasuries? Here's the TL;DR 👇🥇 @Strategy still has first-mover advantage🏦 Bitcoin's hard money properties are superior to fiat🧠 @saylor pioneered Bitcoin financial arbitrage"You want to make your treasury run on Bitcoin rather than other i ...