今晚纳指100调整揭晓：Strategy(MSTR.US)面临除名压力

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]