印尼股市暴跌，此前MSCI Inc．表示，在监管机构解决上市公司股权过于集中的问题之前，将暂停某些 指数调整。 基准雅加达综合指数一度下跌8.82%，创9个多月来最大跌幅；盘中一度触发暂停交易30分钟。 该指数编制机构在声明中表示，将立即停止新增指数成分股，并冻结增加可供投资者购买的股票数量， 理由是持续存在"基本投资可行性问题"，以及投资者对潜在蓄意操纵价格感到担忧。 如果印尼在5月份之前未能取得足够的透明度改进，MSCI将重新评估该国的市场可投资状况，此举可能 导致所有印尼公司在MSCI新兴市场指数中的权重降低，甚至有可能被降级为前沿市场（frontier- market）。 印尼证券交易所高管Iman Rachman在记者会上表示，交易所对MSCI的做法表达了反对意见，并将致力 于符合MSCI对公司持股透明度的要求。该交易所之前表示，已采取措施提升透明度，包括在交易所官 网上公布自由流通股数据。印尼金融服务管理局、交易所和印尼中央证券存管处将继续与MSCI讨论相 关事项。 MSCI此前曾提议收紧印尼证券自由流通股的定义，是指可供交易的股票数量，并且是股票在基准指数 中权重的一个关键决定因素。该公司表示， ...

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].