<p>如果摩根士丹利资本国际指数（MSCI）继续推进将加密货币财政公司排除在其指数之外，这些公司可能被迫出售多达 150 亿美元的加密货币。</p>
<p>反对 MSCI 提案的团体 BitcoinForCorporations 预计，基于 39 家公司总计 1130 亿美元的浮动调整市值的 “经过验证的初步名单”，流出金额将在 100 亿到 150 亿美元之间。</p>
<p>它补充道，摩根大通的分析估计，如果迈克尔·塞勒的 Strategy 被移除出 MSCI，可能会导致 28 亿美元的流出。这家比特币财政公司占受影响的浮动调整市值的 74.5%。</p>
<p>分析师计算出，所有受影响公司的潜在流出总额可能达到 116 亿美元。这么大规模的流出将对已经持续下跌近三个月的加密市场施加更多的卖压。</p>
<p>在撰写时，BitcoinForCorporations 的请愿信有 1268 个签名。</p>
<p><strong>资产负债表不是一个公平的指标</strong></p>
<p>MSCI 在十月宣布，它正在与投资界咨询是否应将大部分资产负债表为加密货币的财政公司排除在外。</p>
<p>MSCI 的指数作为关键基准，决定了被动投资基金必须持有哪些公司，使得纳入决策对公司获取资本的影响重大。</p>
<p>然而，BitcoinForCorporations 表示，资产负债表指标对于评判一家公司是不公平的。</p>
<p>“单一的资产负债表指标无法反映一家公司是否为运营业务。该规则将移除公司，即使它们的客户、收入、运营和商业模式保持不变。”</p>
<p><em><strong>相关：</strong></em> <em><strong>Strategy 在进入指数后经历的首次纳斯达克 100 震荡中幸存</strong></em></p>
<p>他们补充说，MSCI 应该 “撤回提案，并继续根据公司的实际商业模式、财务表现和运营特征进行分类。”</p>
<p>MSCI 的最终结论将于 1 月 15 日公布，拟议的实施将包含在 2026 年 2 月的指数审查中。</p>
<p><strong>对提案的反对声音日益增长</strong></p>
<p>最近几位大型行业参与者对 MSCI 提案表达了反对意见。</p>
<p>12 月 5 日，纳斯达克上市的 Strive 敦促 MSCI“让市场决定” 是否希望将持有比特币的公司纳入其被动投资中。</p>
<p>几天后，Strategy 在一封信中表示，拟议的政策变更将使 MSCI 对加密货币作为资产类别产生偏见，而不是该指数公司作为中立仲裁者的行为。</p>
<p><em><strong>杂志：</strong></em> Do Kwon 被判 15 年，比特币的 ‘波动舞蹈’：Hodler 的摘要</p>

MSTR

<p>MSCI 提议将加密货币财政公司排除在其指数之外，这可能导致 150 亿美元的强制抛售。BitcoinForCorporations 预计将出现显著的资金流出，影响到像 Michael Saylor 的 Strategy 这样的公司。该提议因使用资产负债表指标而受到批评，可能会影响资本获取。MSCI 的决定将在 1 月 15 日之前做出，预计于 2026 年 2 月实施。包括纳斯达克上市的 Strive 在内的行业参与者反对该提议，呼吁 MSCI 让市场决定持有比特币的公司的命运</p>

<p>Crypto treasury companies could be forced to sell as much as $15 billion in crypto if the Morgan Stanley Capital International Index (MSCI) goes ahead and excludes them from its indexes.</p>
<div class="lb-trans"><p>如果摩根士丹利资本国际指数（MSCI）继续推进将加密货币财政公司排除在其指数之外，这些公司可能被迫出售多达 150 亿美元的加密货币。</p>
</div><p>BitcoinForCorporations, a group campaigning against MSCI’s proposal, projected outflows of between $10 and $15 billion based on a “verified preliminary list” of 39 companies with $113 billion in total float-adjusted market capitalization.</p>
<div class="lb-trans"><p>反对 MSCI 提案的团体 BitcoinForCorporations 预计，基于 39 家公司总计 1130 亿美元的浮动调整市值的 “经过验证的初步名单”，流出金额将在 100 亿到 150 亿美元之间。</p>
</div><p>It added that JPMorgan’s analysis estimated that Michael Saylor’s Strategy could see $2.8 billion in outflows if it were removed from the MSCI. The Bitcoin treasury firm represents 74.5% of the total impacted float-adjusted market cap.</p>
<div class="lb-trans"><p>它补充道，摩根大通的分析估计，如果迈克尔·塞勒的 Strategy 被移除出 MSCI，可能会导致 28 亿美元的流出。这家比特币财政公司占受影响的浮动调整市值的 74.5%。</p>
</div><p>Analysts calculated potential outflows could total $11.6 billion across all impacted companies. Such a large outflow would put more selling pressure on crypto markets, which have already been trending downward for almost three months.</p>
<div class="lb-trans"><p>分析师计算出，所有受影响公司的潜在流出总额可能达到 116 亿美元。这么大规模的流出将对已经持续下跌近三个月的加密市场施加更多的卖压。</p>
</div><p>The BitcoinForCorporations petition letter had 1,268 signatures at the time of writing.</p>
<div class="lb-trans"><p>在撰写时，BitcoinForCorporations 的请愿信有 1268 个签名。</p>
</div><p><strong>Balance sheet not a fair metric</strong></p>
<div class="lb-trans"><p><strong>资产负债表不是一个公平的指标</strong></p>
</div><p>The MSCI announced in October that it was consulting with the investment community about whether to exclude crypto treasury companies that have the majority of their balance sheet in crypto.</p>
<div class="lb-trans"><p>MSCI 在十月宣布，它正在与投资界咨询是否应将大部分资产负债表为加密货币的财政公司排除在外。</p>
</div><p>MSCI’s indexes serve as critical benchmarks that determine which companies passive investment funds must hold, making inclusion decisions highly consequential for companies’ access to capital.</p>
<div class="lb-trans"><p>MSCI 的指数作为关键基准，决定了被动投资基金必须持有哪些公司，使得纳入决策对公司获取资本的影响重大。</p>
</div><p>However, BitcoinForCorporations said that a balance sheet metric is unfair for judging a company.</p>
<div class="lb-trans"><p>然而，BitcoinForCorporations 表示，资产负债表指标对于评判一家公司是不公平的。</p>
</div><p>“A single balance sheet metric cannot reflect whether a company is an operating business. The rule would remove companies even when their customers, revenue, operations, and business model remain unchanged.”</p>
<div class="lb-trans"><p>“单一的资产负债表指标无法反映一家公司是否为运营业务。该规则将移除公司，即使它们的客户、收入、运营和商业模式保持不变。”</p>
</div><p><em><strong>Related:</strong></em> <em><strong>Strategy survives first Nasdaq 100 shakeup since entering the index</strong></em></p>
<div class="lb-trans"><p><em><strong>相关：</strong></em> <em><strong>Strategy 在进入指数后经历的首次纳斯达克 100 震荡中幸存</strong></em></p>
</div><p>They added that MSCI should “withdraw the proposal and continue to classify companies based on their actual business model, financial performance, and operational characteristics.”</p>
<div class="lb-trans"><p>他们补充说，MSCI 应该 “撤回提案，并继续根据公司的实际商业模式、财务表现和运营特征进行分类。”</p>
</div><p>MSCI’s final conclusions will be announced by Jan. 15, and proposed implementation will be included in the February 2026 Index Review.</p>
<div class="lb-trans"><p>MSCI 的最终结论将于 1 月 15 日公布，拟议的实施将包含在 2026 年 2 月的指数审查中。</p>
</div><p><strong>Growing objections to the proposal</strong></p>
<div class="lb-trans"><p><strong>对提案的反对声音日益增长</strong></p>
</div><p>Several large industry players have recently voiced their objections to the MSCI proposal.</p>
<div class="lb-trans"><p>最近几位大型行业参与者对 MSCI 提案表达了反对意见。</p>
</div><p>On Dec. 5, Nasdaq-listed Strive urged the MSCI to “let the market decide” whether they want to include Bitcoin-holding companies in their passive investments.</p>
<div class="lb-trans"><p>12 月 5 日，纳斯达克上市的 Strive 敦促 MSCI“让市场决定” 是否希望将持有比特币的公司纳入其被动投资中。</p>
</div><p>A few days later, Strategy stated in a letter that the proposed policy change would bias the MSCI against crypto as an asset class, rather than the index company acting as a neutral arbiter.</p>
<div class="lb-trans"><p>几天后，Strategy 在一封信中表示，拟议的政策变更将使 MSCI 对加密货币作为资产类别产生偏见，而不是该指数公司作为中立仲裁者的行为。</p>
</div><p><em><strong>Magazine:</strong></em> Do Kwon sentenced to 15 years, Bitcoin’s ‘choppy dance’: Hodler’s Digest</p>
<div class="lb-trans"><p><em><strong>杂志：</strong></em> Do Kwon 被判 15 年，比特币的 ‘波动舞蹈’：Hodler 的摘要</p>
</div>

MSCI 的加密货币财务规则可能会导致 150 亿美元的强制抛售