Strategy或遭纳指100等指数除名 恐流失数十亿美元资金

Core Viewpoint - Strategy, a company under Michael Saylor, faces the risk of being removed from major indices like MSCI US Index and Nasdaq 100, which could lead to significant capital outflows and negatively impact its market perception [1][2]. Group 1: Index Removal Risks - Morgan Stanley analysts warn that if MSCI removes Strategy from its indices, it could result in up to $2.8 billion in capital outflows, with passive fund exposure nearing $9 billion [1]. - MSCI's proposal to exclude companies with over 50% of their assets in digital assets from its global investable market indices is a key factor in this potential removal [1]. Group 2: Market Impact and Stock Performance - Following the news, Strategy's stock dropped over 5%, and it has fallen more than 60% since its record high last November, with its market value nearly aligning with its cryptocurrency holdings [2][4]. - Bitcoin also experienced a significant drop, falling over 7% to its lowest level in seven months [2]. Group 3: Business Model Challenges - Strategy's business model, which relied on a cycle of selling stock to buy Bitcoin, is under pressure as the premium over its asset value has diminished, indicating a loss of investor confidence [4][5]. - The company's enterprise value relative to its Bitcoin holdings has fallen to approximately 0.95 times, marking the first instance where its market value is less than its Bitcoin reserves [5]. Group 4: Financing Pressures - The recent sell-off has affected Strategy's newer financing tools, with the price of its perpetual preferred shares dropping and yields on newly issued shares rising [6]. - The collapse of the premium in recent weeks has made financing more challenging, highlighting the reliance of Strategy's business model on investor confidence [6].