<h2>关键要点</h2>
<p>分析师表示，MSTR 可能会在 12 月被纳入标准普尔 500 指数。Strategy 淡化了纳斯达克对加密公司资本筹集限制的影响。</p>
<hr/>
<p>Strategy（前称 MicroStrategy）的股票 MSTR 被标准普尔 500 指数拒之门外，导致其在 9 月 5 日市场收盘后股价下跌 2.9%。</p>
<p>相反，Robinhood 先于 MSTR 进入了该指数。</p>
<p>市场原本预期这家领先的比特币企业财 treasury 持有者会被纳入该指数，尤其是因为它满足所有必要的标准。</p>
<p>然而，这些期望落空，因此 MSTR 在公告后跌至 326 美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Screenshot-2025-09-06-090014.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Screenshot-2025-09-06-090014.png"/></p>
<p>来源：Google Finance</p>
<h2><strong>12 月会对 MSTR 有利吗？</strong></h2>
<p>股票指数的纳入要求包括巨大的流动性深度和过去四个季度的盈利能力。</p>
<p>但最重要的是，负责纳入过程的指数 ‘秘密’ 委员会拥有最终决定权，彭博 ETF 分析师指出。</p>
<blockquote>
<p>“为什么$MSTR 在满足所有标准的情况下仍未被允许进入标准普尔 500 指数？因为 ‘委员会’ 说不。”</p>
</blockquote>
<p>现在，一些社区成员对 MSTR 在 12 月下一个再平衡窗口进入指数的机会持悲观态度。但 CoinDesk 分析师 James Van Straten 做出了相反的押注。</p>
<blockquote>
<p>“12 月是 MSTR 的机会，和特斯拉的情况一样。”</p>
</blockquote>
<p>纳入将扩大机构投资者对 MSTR 的兴趣和 ETF。</p>
<p>对此，Strategy 创始人 Michael Saylor 在一条微妙的 X（前称 Twitter）帖子中抨击了该指数，比较了 MSTR 与标准普尔 500 指数（SPY）的回报。</p>
<blockquote>
<p>“现在考虑标准普尔……”</p>
</blockquote>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/MSTR-vs-SPY.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/MSTR-vs-SPY.jpg"/></p>
<p>来源：X</p>
<p>根据 Saylor 分享的图表，MSTR 和 BTC 的年化回报均超过了 SPY。</p>
<p>该公司面临的另一个障碍是最近纳斯达克的提案，一些分析师声称这可能迫使加密财 treasury 在筹集资金之前获得股东的批准。</p>
<p>然而，Strategy 表示，该指令不会影响其资本计划。</p>
<blockquote>
<p>“纳斯达克对数字资产财 treasury 形成的新立场不会影响 Strategy、我们的 ATM 或其他资本市场活动。”</p>
</blockquote>
<p>也就是说，Strategy 的比特币持有量在最近增加 4000 BTC 后达到了 636,505 BTC。与 7 月时大量购买的 21,000 BTC 不同，第三季度后半段的购买热潮显著放缓。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Strategy-prev.-MicroStrategy-Buys-Sells.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Strategy-prev.-MicroStrategy-Buys-Sells.png"/></p>
<p>来源：CryptoQuant</p>

MSTR

<p>MSTR 股票在被排除在标准普尔 500 指数之外后下跌了 2.9%，而 Robinhood 则成功入选。分析师建议尽管最近纳斯达克对加密公司实施了限制，MSTR 仍可能在 12 月被纳入。迈克尔·塞勒批评了标准普尔 500 指数委员会的决定，而一些分析师对 MSTR 未来的纳入持乐观态度。MSTR 的比特币持有量已增加至 636,505 BTC，尽管最近的购买速度有所放缓</p>

<h2>Key Takeaways</h2>
<div class="lb-trans"><h2>关键要点</h2>
</div><p><em>MSTR may be included in the S&amp;P 500 Index in December, according to analysts. Strategy downplayed the impact of Nasdaq’s capital-raising restrictions for crypto firms.</em></p>
<div class="lb-trans"><p>分析师表示，MSTR 可能会在 12 月被纳入标准普尔 500 指数。Strategy 淡化了纳斯达克对加密公司资本筹集限制的影响。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p>Strategy (formerly MicroStrategy) stock, MSTR, was snubbed by the coveted S&amp;P 500 Index, triggering a 2.9% price decline after market hours on the 5th of September.</p>
<div class="lb-trans"><p>Strategy（前称 MicroStrategy）的股票 MSTR 被标准普尔 500 指数拒之门外，导致其在 9 月 5 日市场收盘后股价下跌 2.9%。</p>
</div><p>Instead, Robinhood beat MSTR to the index.</p>
<div class="lb-trans"><p>相反，Robinhood 先于 MSTR 进入了该指数。</p>
</div><p>The market had anticipated that the leading Bitcoin corporate treasury holder would be included in the index, especially since it met all the necessary criteria.</p>
<div class="lb-trans"><p>市场原本预期这家领先的比特币企业财 treasury 持有者会被纳入该指数，尤其是因为它满足所有必要的标准。</p>
</div><p>However, those expectations were disappointed, and as a result, MSTR dropped to $326 following the announcement.</p>
<div class="lb-trans"><p>然而，这些期望落空，因此 MSTR 在公告后跌至 326 美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Screenshot-2025-09-06-090014.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/09/Screenshot-2025-09-06-090014.png"/></p>
<p>Source: Google Finance</p>
<div class="lb-trans"><p>来源：Google Finance</p>
</div><h2><strong>Will December favor MSTR?</strong></h2>
<div class="lb-trans"><h2><strong>12 月会对 MSTR 有利吗？</strong></h2>
</div><p>Some of the inclusion requirements for the equity index include massive liquidity depth and being profitable for the past four quarters.</p>
<div class="lb-trans"><p>股票指数的纳入要求包括巨大的流动性深度和过去四个季度的盈利能力。</p>
</div><p>But above all, the index’s ‘secret’ committee handling the inclusion process has the final say, noted a Bloomberg ETF analyst.</p>
<div class="lb-trans"><p>但最重要的是，负责纳入过程的指数 ‘秘密’ 委员会拥有最终决定权，彭博 ETF 分析师指出。</p>
</div><blockquote>
<p>“Why wasn’t $MSTR allowed into the S&amp;P 500 Index despite meeting all the criteria? Because the ‘Committee’ said no.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“为什么$MSTR 在满足所有标准的情况下仍未被允许进入标准普尔 500 指数？因为 ‘委员会’ 说不。”</p>
</blockquote>
</div><p>Now, some community members were pessimistic about MSTR’s chances of getting into the index during the next rebalancing window in December. But James Van Straten, a CoinDesk analyst, made a contrarian bet.</p>
<div class="lb-trans"><p>现在，一些社区成员对 MSTR 在 12 月下一个再平衡窗口进入指数的机会持悲观态度。但 CoinDesk 分析师 James Van Straten 做出了相反的押注。</p>
</div><blockquote>
<p>“December it is for MSTR, same setup as Tesla.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“12 月是 MSTR 的机会，和特斯拉的情况一样。”</p>
</blockquote>
</div><p>The inclusion would expand institutional investor interest and ETFs for MSTR.</p>
<div class="lb-trans"><p>纳入将扩大机构投资者对 MSTR 的兴趣和 ETF。</p>
</div><p>In response, Michael Saylor, Founder of Strategy, slammed the index in a subtle X (formerly Twitter) post, comparing MSTR vs S&amp;P 500 Index (SPY) returns.</p>
<div class="lb-trans"><p>对此，Strategy 创始人 Michael Saylor 在一条微妙的 X（前称 Twitter）帖子中抨击了该指数，比较了 MSTR 与标准普尔 500 指数（SPY）的回报。</p>
</div><blockquote>
<p>“Thinking about the S&amp;P right now…”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“现在考虑标准普尔……”</p>
</blockquote>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/MSTR-vs-SPY.jpg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/09/MSTR-vs-SPY.jpg"/></p>
<p>Source: X</p>
<div class="lb-trans"><p>来源：X</p>
</div><p>Both MSTR and BTC outperformed SPY on annualized returns, per the chart shared by Saylor.</p>
<div class="lb-trans"><p>根据 Saylor 分享的图表，MSTR 和 BTC 的年化回报均超过了 SPY。</p>
</div><p>Another hiccup for the firm was the recent Nasdaq proposal that some analysts claim may force crypto treasuries to get shareholders’ approval before raising capital.</p>
<div class="lb-trans"><p>该公司面临的另一个障碍是最近纳斯达克的提案，一些分析师声称这可能迫使加密财 treasury 在筹集资金之前获得股东的批准。</p>
</div><p>However, the Strategy stated that the directive will not affect its capital plans.</p>
<div class="lb-trans"><p>然而，Strategy 表示，该指令不会影响其资本计划。</p>
</div><blockquote>
<p>“Nasdaq’s new position on digital asset treasury formations doesn’t affect Strategy, our ATMs, or our other capital markets activities.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“纳斯达克对数字资产财 treasury 形成的新立场不会影响 Strategy、我们的 ATM 或其他资本市场活动。”</p>
</blockquote>
</div><p>That said, Strategy’s BTC holdings hit 636,505 BTC after adding 4K BTC recently. Unlike the massive 21K BTC scooped in July, the buying spree has slowed significantly in the second part of Q3.</p>
<div class="lb-trans"><p>也就是说，Strategy 的比特币持有量在最近增加 4000 BTC 后达到了 636,505 BTC。与 7 月时大量购买的 21,000 BTC 不同，第三季度后半段的购买热潮显著放缓。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Strategy-prev.-MicroStrategy-Buys-Sells.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/09/Strategy-prev.-MicroStrategy-Buys-Sells.png"/></p>
<p>Source: CryptoQuant</p>
<div class="lb-trans"><p>来源：CryptoQuant</p>
</div>

MSTR 在被标普 500 拒绝后股价下跌 2.9%，而 Robinhood 则成功入选