Core Viewpoint - The California Public Employees' Retirement System (CalPERS) has significantly invested in MicroStrategy (MSTR), but the value of this investment has drastically decreased due to recent market volatility in crypto assets and tech stocks [1] Investment Details - CalPERS purchased 448,157 shares of MicroStrategy in the third quarter, with a total investment cost exceeding $144 million [1] - The current value of this holding has dropped to approximately $80 million, reflecting a loss of over 40% in just a few months [1]

California Public Employees’ Retirement System (CalPERS) has been caught on the wrong side of the recent sell-off in Strategy, with its first bet on the Bitcoin proxy stock sliding from more than $144m to about $80m in a matter of months. According to a recent SEC filing, CalPERS acquired 448,157 Strategy (MSTR) shares in the third quarter, paying over $144m for the position. The stake, which gave the fund direct equity exposure to one of the most volatile Bitcoin plays in traditional markets, is now wort ...

RT Strategy (@Strategy)You are more powerful not as an individual, but with the support of a family.To our team, our shareholders, and the Bitcoin community, thank you for being part of ours.Happy Thanksgiving from Strategy. https://t.co/Bs01DiqlPp ...

Core Insights - CleanSpark (CLSK) and MicroStrategy (MSTR) are two prominent options for investors seeking Bitcoin-linked exposure without direct cryptocurrency ownership. Their business models differ significantly, with CleanSpark focusing on Bitcoin mining and MicroStrategy acting as a large Bitcoin holding company with a software foundation [1][2] CleanSpark Overview - CleanSpark operates energy-efficient Bitcoin mining data centers, achieving a 10.9% year-over-year increase in Bitcoin production, totaling 7,873 Bitcoin in fiscal 2025. The average revenue per Bitcoin rose by 55% to approximately $98,000, contributing to a 102.2% year-over-year revenue increase to $766.3 million [3][4] - The company has expanded its hashrate, reaching an average of 45.6 exahash per second (EH/s) as of September 30, 2025, up from 27.6 EH/s a year prior [4] - CleanSpark is transitioning from a Bitcoin miner to a broader digital infrastructure provider, focusing on artificial intelligence (AI) and high-performance computing (HPC) data centers, which diversifies its revenue streams and reduces reliance on Bitcoin price fluctuations [6][7] MicroStrategy Overview - MicroStrategy has evolved from a software analytics firm to one of the largest corporate Bitcoin holders, with approximately 640,808 BTC valued at nearly $71 billion as of October 26, 2025. This substantial Bitcoin treasury significantly influences the company's financial performance [8] - The company generated a 26% Bitcoin yield year-to-date, with Bitcoin-related gains nearing $12.9 billion, and aims for a full-year yield target of 30% for 2025 [9] - In Q3 2025, MicroStrategy's revenues increased by 11% year-over-year to $128.7 million, with earnings per share improving to $8.42 from a loss of $1.72 in the previous year [11] Revenue Growth and Estimates - CleanSpark is projected to have a better sales growth outlook, with fiscal 2026 revenue estimates at $1 billion, indicating a 30.8% year-over-year increase [15] - In contrast, MicroStrategy's revenue estimates for 2025 and 2026 are $473.1 million and $496.1 million, reflecting modest growth rates of 2.1% and 4.9%, respectively [16] Stock Performance and Valuation - CleanSpark's stock has gained 47.9% year-to-date, outperforming MicroStrategy, which has seen a decline of 39.2% [18] - In terms of valuation, CleanSpark trades at a forward price-to-sales (P/S) multiple of 3.47, significantly lower than MicroStrategy's 100.19 [19] Conclusion - CleanSpark presents a more compelling investment case due to its faster expected revenue growth, attractive valuation, and strategic diversification into AI and HPC data centers, while MicroStrategy's slower growth and higher valuation make it less appealing at this time [20]

Core Insights - The report analyzes three representative AI asset management products: AIEQ, ProPicks, and QRFT, assessing whether AI can deliver excess returns for investors [2] - Overall, while overseas AI asset management products have improved quality and efficiency, they should not be overly "mythologized" [2] - AI's more reliable value lies in enhancing information processing efficiency and standardizing investment research processes rather than consistently outperforming indices [2] Group 1: AI-Driven Asset Management: Progress and Cases - The evolution of global financial markets reflects a historical contest between computational power and data processing capabilities [3] - Traditional quantitative investment relies on linear regression and statistical arbitrage, while AI-driven asset management represents a fundamental paradigm shift [3][4] - New AI stock selection strategies utilize deep learning, reinforcement learning, and natural language processing, enabling the identification of non-linear market patterns [4] Group 2: Case Study 1: AIEQ ETF Introduction - AIEQ is the world's first actively managed ETF entirely driven by AI, launched on October 17, 2017 [5] - The fund's investment strategy involves high-frequency scanning and sentiment analysis of the entire market information environment [5] - AIEQ's model processes millions of unstructured texts daily, aiming to capture undervalued stocks before market sentiment changes [5] Group 3: AIEQ Performance Analysis - As of November 2025, AIEQ's performance shows it has underperformed the S&P 500 index, with a YTD return of approximately 9.38% compared to the S&P 500's 12.45% [10] - Over one year, AIEQ returned about +6.15%, while the S&P 500 returned +11.00% [13] - AIEQ's annual turnover rate reached an astonishing 1159%, which significantly erodes fund value due to transaction costs [18] Group 4: Case Study 2: Investing ProPicks - ProPicks represents a different AI investment approach through a signal subscription model, allowing users to retain execution rights [21] - The platform utilizes a vast historical database and AI algorithms to provide monthly stock selection lists [21] - The "Tech Titans" strategy under ProPicks has achieved a cumulative return of 98.7% since its launch, significantly outperforming the S&P 500 [25] Group 5: Case Study 3: QRFT - QRFT is an AI-enhanced ETF that optimizes traditional factor investment frameworks using AI models [39] - The fund's performance has been slightly better than the S&P 500, with a year-to-date return of approximately +21% as of November 2025 [45] - QRFT's annual turnover rate is around 267%, indicating a high-frequency rebalancing strategy [48]

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 ...