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。 ...

Group 1 - MSCI has proposed to exclude "Digital Asset Treasury Companies" from its global investable market index, with MicroStrategy being a prominent example [1][3] - According to JPMorgan analysts, if MicroStrategy is removed from the index, it could face significant valuation pressure, potentially triggering forced sales of approximately $2.8 billion in stock from passive funds tracking the MSCI index [3][4] - MicroStrategy's market capitalization is estimated at around $59 billion, with about $9 billion held by index-tracking investment vehicles, including the $2.8 billion specifically tracking the MSCI index [3][4] Group 2 - Market analysts suggest that while the potential sell-off is substantial, it may still be manageable within the market's liquidity capacity, as the average daily trading volume for MicroStrategy is slightly above $4.8 billion [6] - A $2.8 billion sell order would represent nearly 60% of MicroStrategy's average daily trading volume, indicating a significant short-term impact on the stock price [6] Group 3 - Michael Saylor, the founder of MicroStrategy, defends the company’s identity, emphasizing that it is not solely a "Digital Asset Treasury Company" but also has a substantial software business valued at $500 million [7] - Support for Saylor's position exists, as MicroStrategy was included in the Nasdaq-100 index less than a year ago, suggesting recognition of its attributes as a technology company [8]

"币圈龙头股"MicroStrategy正面临一项可能动摇其市场地位的潜在风险：被全球指数提供商MSCI剔除。 指数巨头MSCI在近期发布的一份声明中提议，将持有大量数字资产作为库存储备的公司（即"数字资产财库公司"，DATs）从其全球可投资市场 指数中剔除。作为因持有巨额比特币而闻名的典型代表，MicroStrategy首当其冲。 对此，摩根大通Nikolaos Panigirtzoglou分析师团队指出，这一猜测可能是导致MSTR股价近期承压的因素之一。他们警告称，若MSTR最终被剔 除，其估值将面临"相当大的压力"，因为追踪MSCI指数的被动型共同基金和ETF将被迫抛售该股票。 数据显示，2025年迄今，MSTR的日均交易额略高于48亿美元。一笔28亿美元的卖单，相当于其日均交易量的近60%。 分析师Nikolaos估计，在当时MicroStrategy约590亿美元的市值中，大约有90亿美元由追踪各类指数的投资工具持有。其中，明确追踪MSCI指数的 资金规模约为28亿美元。这意味着，一旦剔除决定生效，将可能触发规模达28亿美元的强制性卖盘。 尽管MicroStrategy的创始人Michael Say ...

Market Overview - The cryptocurrency market faced a significant downturn, with over $1.5 billion in long leveraged positions being liquidated, leading to a severe sell-off, particularly impacting smaller tokens [1] - Ethereum's price dropped nearly 9%, reaching a low of $4,075, while Bitcoin fell close to 3% to $111,998 [1] - Major cryptocurrencies experienced substantial declines, with XRP down over 6% to $2.81, Solana down approximately 7% to $222.16, and BNB down nearly 5% to $1,026.59 [1] Liquidation Data - More than 407,000 traders faced liquidation within 24 hours, with over $1.7 billion in leveraged positions being cleared, predominantly from long positions, indicating a significant shift in market sentiment [3] - The total market capitalization of digital assets fell below $4 trillion as a result of the sell-off [3] Institutional Activity - Since August, institutional demand for cryptocurrency has surged, with companies accumulating Bitcoin and Ethereum, driving both to historical highs [4] - However, signs indicate that the momentum generated by Digital Asset Treasury Companies (DATCO) may be waning, as notable Bitcoin buyer Metaplanet's stock has dropped about 67% since mid-June [4] Metaplanet's Acquisition - Metaplanet announced a purchase of approximately $632 million for 5,419 Bitcoins, increasing its total holdings to 25,555 Bitcoins, valued at nearly $2.91 billion, with an average acquisition cost of $106,065 per Bitcoin [5] - The funding for this acquisition came from a $1.45 billion international stock issuance, enhancing Metaplanet's position among publicly listed companies holding Bitcoin [5] - Following this acquisition, Metaplanet ranks among the top five publicly traded companies in Bitcoin holdings, surpassing Bullish, and is on track to meet its ambitious targets for Bitcoin accumulation [5]