Core Insights - Galaxy Digital Inc. CEO Mike Novogratz highlighted the need for cryptocurrency treasury companies to create shareholder value beyond merely holding assets, warning that they will continue to trade at 80% to 95% below their net asset value unless management evolves these firms into operational companies [1][2]. Group 1: Current Landscape of Cryptocurrency Treasury Companies - Novogratz emphasized that the era of inflating stock prices through hype is over, stating that only a few individuals have successfully profited from this model [3]. - He suggested that if he were in charge of a cryptocurrency treasury company, he would leverage the unique skill sets of his team to innovate and differentiate from traditional exchange-traded funds [3][4]. - The popularity of cryptocurrency treasury firms has surged, with at least 200 such companies now existing and a combined market capitalization of approximately $150 billion, which has more than tripled from the previous year [6]. Group 2: Market Dynamics and Challenges - The market for cryptocurrency treasury firms is under scrutiny, with many criticized for pursuing volatile and obscure tokens, leading to increased pressure on their equities during market downturns [6]. - Notably, Strategy Inc., the largest Bitcoin holder, is trading at 86% below the value of its Bitcoin holdings, reflecting the challenges faced by these companies [5].

Core Insights - MSCI's decision not to exclude companies with large digital-asset treasuries from its stock indexes positively impacts Strategy Inc. (MSTR), alleviating a significant near-term risk for the company [1][4][11] Group 1: Stock Performance and Market Reaction - Following MSCI's announcement, Strategy shares increased by approximately 6% in after-hours trading, marking a recovery after a decline of about 47.5% in 2025 [2][11] - Over the past year, Strategy shares have decreased by 51.2%, underperforming the Zacks Finance sector's increase of 19.2% and the Financial - Miscellaneous Services industry's decline of 9.2% [9] Group 2: MSCI's Review and Implications - MSCI will conduct a broader review of how digital-asset-holding companies are treated in its indexes, rather than implementing an immediate exclusion [3][6] - Digital Asset Treasury Companies, including Strategy, will remain in MSCI indexes through the February 2026 review, reducing uncertainty around index eligibility [4][11] Group 3: Financial Position and Losses - Strategy reported a substantial unrealized loss of $17.44 billion on its bitcoin holdings in the fourth quarter of 2025, highlighting the volatility associated with its investment strategy [5][11] - The Zacks Consensus Estimate for MSTR's 2026 earnings is projected at $51.60 per share, indicating a year-over-year decline of 33.88% [16] Group 4: Competitive Landscape - Coinbase Global (COIN) competes with Strategy by providing indirect exposure to Bitcoin through transaction fees and has increased its bitcoin holdings to $3.6 billion as of September 30, 2025 [7] - MARA Holdings (MARA) employs a dual approach of large-scale Bitcoin mining and strategic accumulation, holding 52,850 BTC at the end of the third quarter of 2025, which enhances its earnings stability [8]

MicroStrategy (MSTR) narrowly avoided a potentially devastating blow to its controversial Bitcoin (BTCUSD) treasury strategy when MSCI announced it would not exclude digital-asset treasury companies from its indexes after an intense review period. The decision triggered a 2.5% surge in MSTR stock, valuing it at a market cap of $48.8 billion. The MSCI announcement offers temporary relief to investors who had watched the shares plummet by more than 50% in Q4 of 2025, as Bitcoin's value declined roughly 25% ...

Core Insights - JPMorgan analysts observed a stabilizing flow pressure in spot crypto ETFs in early January, following a period of de-risking in late 2025 that was characterized by ETF redemptions rather than a liquidity freeze [1][2] - Bitcoin is currently trading at $90,428, down 2.50%, while Ethereum is at $3,100, down 4.54% [1] Group 1: ETF Flow Dynamics - U.S. spot Bitcoin ETFs experienced $697.25 million in net inflows on January 5, which shifted to $243 million in net outflows by January 7, indicating a transition from "forced reduction" to "tactical rotation" [2] - This change in flow dynamics is expected to tighten intraday ranges and enhance bid support in Bitcoin perpetual funding regimes [2] Group 2: Market Positioning and Sentiment - JPMorgan's analysis aligns with previous insights from Nikolaos Panigirtzoglou's team, which differentiated between October's perpetual deleveraging and November's ETF-led selling by non-crypto investors, primarily retail ETF users [3] - This distinction helps maintain the correction narrative focused on positioning rather than systemic market issues [3] Group 3: Traditional Allocators and Risk Sentiment - Traditional allocators received a positive signal when MSCI announced it would not remove digital-asset treasury companies (DATCO) from indexes, which alleviated near-term forced-selling risks for passive index products holding crypto-related equities [4] - The shares of Strategy's (MSTR) increased following this update, indicating a reduction in selling pressure [4] Group 4: Trade Setup Changes - The current trading environment is characterized by alternating creation and redemption days, allowing desks to hedge more effectively through basis and options [5] - If MSCI retains the "DATCO" category in benchmarks during the February review, it could prevent systematic equity reallocations from acting as a hidden sell program for crypto beta, thereby supporting tighter correlations among Bitcoin spot, CME basis, and ETF flow momentum [6]

Group 1 - Strategy Inc (NASDAQ:MSTR) is a significant player in the S&P 500 and Nasdaq-100, but it ended the previous year down 47.5%, making it the worst performer in the Nasdaq-100 [1] - The company is primarily known for its Bitcoin treasury strategy, which involves purchasing Bitcoin for its own account, effectively making it a leveraged bet on Bitcoin [1] - Jim Cramer suggests that there are better ways to gain Bitcoin exposure than investing in Strategy Inc, especially given the recent downturn in Bitcoin prices [1] Group 2 - Strategy Inc provides investors with exposure to Bitcoin through a combination of equity and fixed-income securities [2] - The company also offers AI tools designed to help businesses analyze their data and improve decision-making processes [2] - There is a belief that certain AI stocks may present greater upside potential and lower downside risk compared to MSTR [3]

Core Insights - MSCI has decided not to remove companies with significant digital asset holdings, such as Strategy, from its indexes for the time being, which has positively impacted Strategy's stock price [1][6] - The decision alleviates immediate concerns for Strategy's shareholders, who have faced stock price declines in the latter half of 2025 [2][4] - Despite the temporary relief, MSCI plans to conduct a broader review of digital asset treasury companies (DATCOs), indicating that the long-term status of Strategy in the indexes remains uncertain [3][4] Company Overview - Strategy, known for its substantial bitcoin holdings, has a market capitalization of approximately $48 billion and is included in major indexes like the Nasdaq Composite and Nasdaq 100 [5] - The company asserts that it is not merely an investment fund but an operating business that actively utilizes its bitcoin holdings to generate returns for shareholders [5]

Dominic Gwinn / Middle East Images / Middle East Images via AFP Michael Saylor, executive chair of Strategy, is a big backer of bitcoin. Key Takeaways Strategy, the public company with a massive stockpile of bitcoin, won't be getting the boot from major indexes for now. MSCI on Tuesday evening said it intends to start a broader review of the matter. In the meanwhile, the stock is rising. Strategy shareholders haven't caught many breaks lately. They did this week. Index provider MSCI late Tuesday s ...

Company Overview - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team operates from key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content includes insights across various sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is committed to adopting technology to enhance workflows and improve content delivery [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Core Viewpoint - MSCI has decided not to exclude bitcoin treasury companies from its global indices, allowing companies like Strategy to remain in benchmark equity indices for now [1][4]. Group 1: Market Impact - Following MSCI's announcement, shares of Strategy increased by 5.5% [1]. - JPMorgan analysts estimated that if MSCI had removed Strategy from its indices, it could have faced approximately $2.8 billion in outflows, with an additional $8.8 billion in potential selling pressure from other index providers adopting similar measures [2]. Group 2: Company Financials - Strategy disclosed a cash reserve of $2.19 billion as of December 21, which provides a buffer against volatility or unexpected operational needs [3]. Group 3: MSCI's Future Plans - MSCI plans to open a broader consultation regarding the treatment of non-operating companies, aiming to ensure consistency with the objectives of the MSCI Indexes [5][6]. - The organization will assess eligibility for entities holding non-operating assets as part of core operations, which may require additional criteria based on financial statements [6]. Group 4: Current Treatment of Digital Asset Companies - Securities on MSCI's preliminary list with digital assets comprising 50% or more of total assets will not see changes to their current treatment, and there will be no increases to the number of shares or inclusion factors for these securities [7].

Strategy(MSTR.US)涨超4%，报164.47美元。消息面上，MSCI表示，将暂缓执行将数字资产财资公司 (Digital Asset Treasury Companies；DATCO)从其指数中剔除的提议，但将就如何对待非营运公司展开更 广泛的磋商，表示将对初步清单上的DATCOs维持现有处理方式，意味Strategy暂时将保留在MSCI的全 球基准指数中。(格隆汇) ...