分析师警示MicroStrategy或被踢出纳斯达克100指数

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].