据路透社，MSCI 指数将于 2026 年 1 月 15 日决定是否剔除 Strategy，分析师指出，如果 Strategy 最终 被剔除，全球金融市场中的其他指数可能会效仿，主要包括：纳斯达克 100 指数、CRSP 美国全市场指 数、以及伦敦证券交易所集团旗下的富时罗素指数。摩根大通估算，Strategy 若被 MSCI 剔除，可能面 临约 28 亿美元资金流出，若进一步被其他指数剔除，流出规模或升至约 88 亿美元。 （来源：吴说） 来源：市场资讯 ...

Core Viewpoint - The proposal by MSCI to potentially exclude "digital asset treasury companies" from its global investable market index has sparked a conflict between cryptocurrency supporters and traditional financial institutions, particularly focusing on MicroStrategy's status [1][3][4]. Group 1: MSCI's Proposal and Market Reaction - MSCI has issued a consultation document suggesting the exclusion of companies holding more than 50% of their total assets in digital assets, questioning whether these companies exhibit characteristics similar to investment funds [1][4]. - JPMorgan has warned that if MicroStrategy is excluded, it could exert "huge pressure" on its valuation, estimating that MSCI's action could trigger around $2.8 billion in forced selling from passive funds [1][2]. - The potential total sell-off could reach up to $8.8 billion if other index providers follow suit [1]. Group 2: Cryptocurrency Community's Response - The cryptocurrency community has reacted strongly against MSCI's proposal and JPMorgan's analysis, with some calling for a boycott of JPMorgan and suggesting short-selling its stock [3]. - Michael Saylor, Executive Chairman of MicroStrategy, argues that the company is not a fund or trust but an operational entity with a $500 million software business using Bitcoin as "productive capital" [3][8]. Group 3: Conceptual Debate on Company Classification - The core of the debate revolves around how to define these new types of companies, with two opposing viewpoints emerging in the market [6]. - Supporters argue that these companies are legally stocks and should be treated as such, while opponents, including Saylor, assert that MicroStrategy is a structural financial company leveraging Bitcoin, not a fund [7][8]. Group 4: Market Trends and Implications - MSCI's actions may accelerate a market trend where institutional capital shifts from "digital asset treasury" stocks to spot Bitcoin ETFs, which have already surpassed $100 billion in assets under management [9]. - The transition could lead to liquidity issues for treasury companies, as selling pressure may arise if their stock prices fall below the net value of their crypto holdings [9][10]. - Other companies like Riot Platforms and Marathon Digital are also under observation by MSCI, indicating potential liquidity risks for the broader market [10].

Core Viewpoint - Strategy Inc, led by Michael Saylor, faces the risk of being removed from major indices like MSCI USA and Nasdaq 100, which could lead to significant passive fund outflows [1] Group 1: Potential Impact - JPMorgan estimates that if MSCI proceeds with the removal, it could trigger up to $2.8 billion in passive fund outflows [1] - The impact may further escalate if other index providers follow suit, as nearly $9 billion in market exposure is currently linked to Strategy Inc [1] Group 2: Decision Timeline - A decision regarding the potential exclusion is expected to be made by January 15 [1] - MSCI is consulting on whether to exclude companies with digital asset holdings exceeding 50% of total assets, as some market participants view these companies more like investment funds than index constituents [1]