Core Viewpoint - MSCI has decided not to proceed with a proposal to exclude digital asset treasury companies (DATCOs) from its indexes, indicating a shift in its approach towards these entities [1] Group 1: MSCI's Decision - MSCI will not exclude DATCOs from its indexes, which suggests a more inclusive stance towards digital asset companies [1] - The decision reflects MSCI's recognition of the growing importance of digital assets in the financial landscape [1] Group 2: Future Consultation - MSCI plans to launch a broader consultation regarding the treatment of non-operating companies, indicating a potential reevaluation of how such entities are categorized within its indexes [1] - This consultation may lead to changes in the criteria for index inclusion, impacting various sectors including digital assets [1]

市场普遍认为，这一决定暂时缓解了投资者对相关公司被动资金流出风险的担忧。对于以数字资产作为 资产负债表重要组成部分的企业而言，继续留在主要指数中，有助于维持机构资金配置和市场流动性。 MSCI在一份声明中表示，区分"投资公司"与那些将数字资产等非经营性资产作为核心经营活动组成部 分而非单纯投资用途持有的公司，仍需要进一步研究并与市场参与者展开更多磋商。MSCI指出，在评 估这类公司的指数适格性时，可能需要引入额外的纳入评估标准，例如基于财务报表或其他指标的判 断。 MSCI同时强调，在现阶段，其此前公布的初步名单中、数字资产持有规模占总资产50%或以上的相关 公司，其现有指数处理方式将保持不变。 智通财经APP获悉，周二盘后交易中，Strategy(MSTR.US)股价一度上涨6%。此前，指数编制机构MSCI 决定暂不将"数字资产财库公司"(DATs)从其指数体系中剔除。 ...

Core Viewpoint - MSCI announced that it will not implement the removal of Digital Asset Treasury Companies (DATCOs) from its indices, maintaining the current status of DATCOs in various indices [1] Group 1 - MSCI has decided to keep DATCOs as part of its indices, indicating a stable outlook for these companies in the current market [1]

Core Viewpoint - MSCI's decision not to exclude digital asset treasury companies (DATs) from its indexes positively impacts market sentiment and capital inflow for these companies [1][3]. Group 1: MSCI's Decision - MSCI stated that further research is needed to distinguish between investment companies and those holding digital assets as part of their core operations [2]. - The current index treatment for DATs, where digital asset holdings represent 50% or more of total assets, will remain unchanged for now [2]. Group 2: Market Reaction - Following the announcement, Strategy (MSTR) saw a 6% increase in after-hours trading, indicating a positive market reaction [1][3]. - Other DATs, including Bitmine Immersion (BMNR), Sharplink (SBET), and Twenty One Capital (XXI), also experienced modest gains in after-hours trading [3]. - Bitcoin's price increased by approximately 1%, trading around $93,500 after the news [4].

Core Viewpoint - MSCI is considering excluding companies with significant Bitcoin reserves from its global benchmarks, a decision that could impact billions in forced selling and influence Wall Street's perception of Bitcoin as a treasury asset [1][5]. Company Overview - MSCI Inc. is a publicly traded company on the NYSE with a market capitalization of $43.76 billion and a stock price of $565.68 as of January 2 [3]. - The company manages over 246,000 equity indexes daily, with more than $18.3 trillion in assets benchmarked to these indices, which guide investment decisions [3][4]. Proposal Details - The consultation proposal issued on October 10, 2025, suggested excluding companies with 50% or more of their assets in digital assets from its Global Investable Market Indexes, arguing that such firms function more like funds than traditional businesses [5][6]. - The proposal identified 39 companies, including notable Bitcoin holders, leading to a significant market reaction with Bitcoin dropping approximately $12,000 on the announcement day [6]. Market Impact - If implemented, estimates suggest forced selling could range from $10 billion to $15 billion over a year, according to Bitcoin for Corporations (BFC) analysis [8]. - JPMorgan analysts estimated that Strategy alone could face $2.8 billion in outflows, with potential total outflows reaching up to $8.8 billion if other index providers follow MSCI's lead [6]. Stakeholder Response - BFC mobilized quickly against the proposal, gathering over 1,500 signatures and delivering a letter to MSCI on December 30, 2025 [9]. - BFC's executive director noted a constructive dialogue with MSCI, emphasizing a need for better education and understanding of Bitcoin and its treasury companies [10]. Upcoming Decision - MSCI is set to announce its decision on January 15, 2026, with potential outcomes including implementation of the proposal, a delay for further review, or full withdrawal [11][15]. - Current market sentiment gives a 77% chance of Strategy being delisted from MSCI by March 31 [11]. Industry Dynamics - The pushback against the proposal has been strong, with no major groups publicly supporting it, highlighting the organized nature of Bitcoin advocates compared to dispersed critics [14]. - The decision will test Wall Street's adaptation to Bitcoin's role in corporate balance sheets, with potential implications for corporate Bitcoin strategies depending on the outcome [14].

Group 1 - Strategy Company (MSTR.US) disclosed the purchase of 1,229 bitcoins for a total of $108.8 million, averaging $88,568 per bitcoin, funded by common stock issuance [1][5] - The total bitcoin holdings of Strategy have increased to 672,497 bitcoins, valued at $50.4 billion with an average cost of $74,997 per bitcoin [1][5] - Despite the challenging performance of bitcoin this year, Strategy remains profitable under the leadership of Michael Saylor [1][5] Group 2 - Bitcoin has experienced a decline of approximately 30% since reaching a historical high in early October, while Strategy's stock price has dropped over 50% in the same period [3][6] - The company's key valuation metric, mNAV, is around 1.1, raising concerns among investors about a potential shift to a negative value [3][6] - MSCI is considering excluding companies with significant digital asset holdings from its indices, which could impact Strategy, currently a component of major indices like NASDAQ 100 and MSCI US Index [4][7] Group 3 - Analysts from JPMorgan warned that if MSCI proceeds with its exclusion plan, Strategy could face an outflow of $2.8 billion, and if other index providers follow suit, the outflow could reach $8.8 billion [4][7] - The recent sharp decline in bitcoin prices has led to a lack of confidence in the crypto market, with investors withdrawing from bitcoin ETF markets and a cautious attitude in the derivatives market [4][7] - This year may mark the fourth annual decline for bitcoin, occurring without any major scandals or industry collapses [4][7]

Group 1 - Strategy Company (MSTR.US) purchased 1,229 bitcoins for a total of $108.8 million between December 22 and 28, at an average price of $88,568 per bitcoin, funded by common stock issuance [1] - The total bitcoin holdings of Strategy have increased to 672,497 bitcoins, with an average cost of $74,997, amounting to a total value of $50.4 billion [1] - Despite the challenging performance of bitcoin this year, Strategy remains profitable under the leadership of Michael Saylor [1] Group 2 - MSCI is considering excluding companies that hold 50% or more of their total assets in digital assets, including bitcoin, from its indices, with a decision expected by January 15, 2026 [2] - If MSCI proceeds with the exclusion, Strategy could face an outflow of $2.8 billion, and if other index providers follow suit, the outflow could reach $8.8 billion [2] - Bitcoin has experienced a significant decline of approximately 30% since reaching a historical high in early October, impacting investor confidence and leading to a downturn in the cryptocurrency market [2]

Core Viewpoint - MSCI Inc. has shown strong short-term stock performance but has experienced a decline over the past year, prompting long-term shareholders to evaluate the company's price-to-earnings (P/E) ratio [1] Group 1: Stock Performance - MSCI Inc.'s current share price is $584.80, reflecting a slight drop of 0.03% in the current market session [1] - The stock has increased by 6.91% over the past month, but it has decreased by 2.48% over the past year [1] Group 2: P/E Ratio Analysis - The P/E ratio is a critical metric for long-term shareholders to compare the company's market performance against industry averages and historical earnings [5] - MSCI Inc. has a P/E ratio of 37.1, which is higher than the Capital Markets industry average of 24.83, suggesting that shareholders may expect better performance from MSCI Inc. or that the stock could be overvalued [6] Group 3: Limitations of P/E Ratio - While a lower P/E ratio can indicate undervaluation, it may also suggest a lack of expected future growth [9] - The P/E ratio should not be analyzed in isolation; other factors such as industry trends and business cycles also influence stock prices [10]

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - From December 22 to December 26, 2025, market sentiment improved, and risk - asset prices rose. In the global market, the U.S. Q3 real GDP annualized quarterly - on - quarterly rate was 4.3%, higher than the previous value and expectations, with the U.S. dollar index falling weekly, and stocks, bonds, and commodities rising. In the domestic market, the year - on - year growth rate of the profits of industrial enterprises above designated size in November narrowed, and stocks and commodities rose weekly, while the bond market was strong. Overall, in terms of price performance, commodities > stocks > bonds both globally and domestically. In the short term, attention should be paid to changes in geopolitical factors as year - end geopolitical risks have increased, affecting short - term price fluctuations of major assets [3][6][19]. 3. Summary by Relevant Catalogs 3.1 Global Major Asset Overall Performance: U.S. Dollar Index Drops, Stocks, Bonds, and Commodities Rise - **Global Stock Market**: The short - term risk appetite improved, and major global stock markets generally rose. The Asia - Pacific region had the highest increase, and emerging markets outperformed developed markets. The VIX index continued to decline at a low level. For example, the MSCI Asia - Pacific region rose 2.20% in a week, the Shanghai Composite Index rose 1.88%, etc. [8][11] - **Global Bond Market**: Fed officials showed differences in their stances on the January 2026 monetary policy. Medium - and long - term U.S. bond yields generally declined, with the yield of the 10 - year U.S. bond falling 2BP to 4.14% weekly. The bond market rose weekly, and globally, government bonds > credit bonds > high - yield bonds [15]. - **Global Foreign Exchange Market**: Recent data showed the resilience of the U.S. economy, and there were differences in the policy expectations of major global central banks. The U.S. dollar index fell weekly by 0.69%, and major non - U.S. currencies generally appreciated against the U.S. dollar. The RMB exchange rate was strong [16]. - **Global Commodity Market**: The price - driving factors were not obvious, and international oil prices fluctuated strongly weekly. Affected by supply - demand factors and the weakening of the U.S. dollar index, international silver prices rose significantly. Most major agricultural products and non - ferrous metals prices rose [17]. 3.2 Domestic Major Asset Performance: Stocks and Commodities Rise, Bond Market Runs Strongly - **Domestic Stock Market**: Market sentiment warmed up, and major A - share broad - based indexes rose. The average daily trading volume of the two markets increased compared with the previous week. In terms of style, the growth style had the highest increase. In terms of sectors, non - ferrous metals and military industries led the increase, while the commercial retail and banking sectors performed poorly. The Shanghai Composite Index rose 1.88% weekly [20]. - **Domestic Bond Market**: The central bank's net investment in the open - market operations was 1.552 billion yuan, and the capital market remained generally stable. The bond market was strong weekly, with government bonds > credit bonds > corporate bonds [24]. - **Domestic Commodity Market**: The domestic commodity market rose as a whole. Among the major commodity sectors, precious metals led the increase [26]. 3.3 Major Asset Price Outlook: Pay Attention to Geopolitical Factor Changes in the Short Term - At the end of the year, geopolitical risks have increased, which will have a certain impact on the short - term price fluctuations of major assets. Therefore, close attention should be paid to changes in major global geopolitical factors [27].

Core Viewpoint - Strategy (MSTR.US), the largest digital asset reserve company, is preparing for a prolonged cryptocurrency winter by increasing its cash reserves to $2.19 billion and halting Bitcoin purchases [1][3]. Group 1: Financial Position and Actions - Strategy raised $748 million by selling common stock over a week ending December 21, following a $2 billion Bitcoin purchase in the previous two weeks, bringing its total Bitcoin holdings to approximately $60 billion [3]. - The company established a $1.4 billion reserve to cover future dividends and interest payments, addressing market concerns about potential forced Bitcoin sales amid declining token prices [3]. - Strategy faces annual interest and dividend payments of about $824 million, while its software business generates insufficient free cash flow to cover these obligations [3]. Group 2: Market Conditions and Risks - Bitcoin has dropped approximately 30% since reaching a historical high in early October, while Strategy's stock price has plummeted over 50% [3]. - The company's key valuation metric, mNAV, is around 1.1, raising investor concerns about a potential shift from a significant premium to a negative value [3]. - MSCI is considering excluding companies with over 50% of their total assets in digital assets from its indices, which could impact Strategy's inclusion in major indices and lead to potential outflows of $2.8 billion if implemented [6]. Group 3: Market Sentiment and Future Outlook - The cryptocurrency market is experiencing low trading volumes and investor confidence is waning, with many withdrawing from Bitcoin ETF markets [6]. - Approximately $23 billion in Bitcoin options contracts are set to expire, which may exacerbate market volatility, with a prevailing bearish sentiment reflected in the options market [7]. - Historical patterns suggest that Bitcoin may have completed its current four-year halving cycle, with potential support levels identified between $65,000 and $75,000 for 2026 [7].