<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/20251218_1157_Crypto-Market-Fluctuations_simple_compose_01kcr28q0jfjhtjs2rpsr4exp3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1536" height="1024" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/20251218_1157_Crypto-Market-Fluctuations_simple_compose_01kcr28q0jfjhtjs2rpsr4exp3.png"/></p>
<p>如果摩根士丹利资本国际指数（MSCI）继续推进将加密货币专注的财政公司排除在其主要股票指数之外的提案，这些公司可能面临重大的抛售压力，批评者警告称，这一举措可能引发数十亿美元的强制资产出售，并进一步加重已经疲软的数字资产市场。</p>
<p>活动人士估计，如果指数提供商实施这一变化，可能会出售多达 150 亿美元的加密货币，这突显了正在进行的咨询的高风险，该咨询已引起行业参与者日益增长的反对。</p>
<h2>潜在数十亿美元的资金流出</h2>
<p>反对该提案的组织 BitcoinForCorporations 表示，如果加密财政公司被移除出 MSCI 指数，可能面临 100 亿至 150 亿美元的资金流出。</p>
<p>这一估计基于一份 “经过验证的初步名单”，该名单包含 39 家公司，合计浮动调整后的市值约为 1130 亿美元。</p>
<p>该组织表示，摩根大通的分析表明，与 Michael Saylor 相关的比特币财政公司 Strategy 可能单独面临 28 亿美元的资金流出。</p>
<p>Strategy 占受影响的浮动调整后市值的约 74.5%，如果政策变更继续推进，它将是最受影响的公司。</p>
<p>活动人士引用的分析师计算出，所有受影响公司的潜在资金流出总额可能达到 116 亿美元。</p>
<p>这种抛售可能会进一步加大对加密市场的下行压力，而加密市场已经连续近三个月呈下行趋势。</p>
<p>反对该提案的运动正在获得关注，截至撰写时，BitcoinForCorporations 的请愿信已吸引 1268 个签名。</p>
<h2>MSCI 的咨询与行业担忧</h2>
<p>MSCI 在十月表示，它正在咨询投资者是否应将所谓的加密财政公司——即在其资产负债表中持有大部分加密货币的公司——排除在其指数之外。</p>
<p>MSCI 基准被被动投资基金广泛使用，这意味着指数纳入的变化可以直接影响相关股票的资本流动。</p>
<p>批评者认为，MSCI 提出的基于资产负债表的方法存在缺陷。</p>
<p>BitcoinForCorporations 表示，依据公司资产负债表中加密货币的比例来评判公司并不能准确反映其基本业务运营。</p>
<p>该组织表示：“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，” 并警告称，即使公司的客户、收入和核心运营保持不变，仍可能被排除在外。</p>
<p>该组织已敦促 MSCI 撤回提案，并继续根据商业模式、财务表现和运营特征对公司进行分类。</p>
<h2>决策前的反对声音日益增强</h2>
<p>对该提案的反对在最近几周有所扩大。</p>
<p>12 月 5 日，纳斯达克上市的 Strive 呼吁 MSCI“让市场决定” 被动投资者是否希望接触持有比特币的公司。</p>
<p>Strategy 也发表了意见，在一封信中表示，提议的规则变更将对加密作为一种资产类别产生偏见，而不是让 MSCI 作为一个中立的指数提供商运作。</p>
<p>MSCI 表示，其最终结论将在 1 月 15 日公布，任何批准的变更预计将在 2026 年 2 月的指数审查中纳入。</p>
<p>在此之前，关于决策的不确定性可能仍然是股票和加密投资者的一个担忧来源，特别是考虑到如果排除措施推进，强制抛售的潜在规模。</p>
<p>该文章最初发表于 Invezz，标题为 “MSCI 排除将导致加密财政公司出售 150 亿美元资产”。</p>

明晟

<p>MSCI 提议将加密货币财政公司排除在其主要股票指数之外，这可能导致 150 亿美元的强制资产出售，影响数字资产市场。批评者认为，基于资产负债表指标的排除是有缺陷的。预计在 1 月 15 日之前做出的决定可能会影响像 Strategy 这样的公司，可能导致 28 亿美元的资金流出。该提案面临日益增长的反对声音，呼吁 MSCI 保持中立立场。如果最终修改获得批准，将在 2026 年 2 月的指数审查中纳入</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/20251218_1157_Crypto-Market-Fluctuations_simple_compose_01kcr28q0jfjhtjs2rpsr4exp3.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/20251218_1157_Crypto-Market-Fluctuations_simple_compose_01kcr28q0jfjhtjs2rpsr4exp3.png"/></p>
<p>Crypto-focused treasury companies could face significant selling pressure if Morgan Stanley Capital International Index (MSCI) proceeds with a proposal to exclude them from its major equity indexes, a move that critics warn could trigger billions of dollars in forced asset sales and further weigh on already weakening digital-asset markets.</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专注的财政公司排除在其主要股票指数之外的提案，这些公司可能面临重大的抛售压力，批评者警告称，这一举措可能引发数十亿美元的强制资产出售，并进一步加重已经疲软的数字资产市场。</p>
</div><p>Campaigners estimate that as much as $15 billion in crypto could be sold if the index provider implements the change, underscoring the high stakes of an ongoing consultation that has drawn growing opposition from industry participants.</p>
<div class="lb-trans"><p>活动人士估计，如果指数提供商实施这一变化，可能会出售多达 150 亿美元的加密货币，这突显了正在进行的咨询的高风险，该咨询已引起行业参与者日益增长的反对。</p>
</div><h2>Billions in potential outflows</h2>
<div class="lb-trans"><h2>潜在数十亿美元的资金流出</h2>
</div><p>BitcoinForCorporations, a group campaigning against the proposal, said crypto treasury companies could face between $10 billion and $15 billion in outflows if they are removed from MSCI indexes.</p>
<div class="lb-trans"><p>反对该提案的组织 BitcoinForCorporations 表示，如果加密财政公司被移除出 MSCI 指数，可能面临 100 亿至 150 亿美元的资金流出。</p>
</div><p>The estimate is based on a “verified preliminary list” of 39 companies with a combined float-adjusted market capitalization of about $113 billion.</p>
<div class="lb-trans"><p>这一估计基于一份 “经过验证的初步名单”，该名单包含 39 家公司，合计浮动调整后的市值约为 1130 亿美元。</p>
</div><p>According to the group, JPMorgan analysis suggests that Strategy (previously known as Microstrategy), the Bitcoin treasury firm associated with Michael Saylor, could see $2.8 billion in outflows alone.</p>
<div class="lb-trans"><p>该组织表示，摩根大通的分析表明，与 Michael Saylor 相关的比特币财政公司 Strategy 可能单独面临 28 亿美元的资金流出。</p>
</div><p>Strategy accounts for roughly 74.5% of the total impacted float-adjusted market capitalization, making it the most exposed company if the policy change goes ahead.</p>
<div class="lb-trans"><p>Strategy 占受影响的浮动调整后市值的约 74.5%，如果政策变更继续推进，它将是最受影响的公司。</p>
</div><p>Analysts cited by the campaign calculated that potential outflows across all affected companies could total about $11.6 billion.</p>
<div class="lb-trans"><p>活动人士引用的分析师计算出，所有受影响公司的潜在资金流出总额可能达到 116 亿美元。</p>
</div><p>Such selling would likely add to downward pressure on crypto markets, which have already been trending lower for nearly three months.</p>
<div class="lb-trans"><p>这种抛售可能会进一步加大对加密市场的下行压力，而加密市场已经连续近三个月呈下行趋势。</p>
</div><p>The campaign against the proposal has gained traction, with BitcoinForCorporations’ petition letter attracting 1,268 signatures at the time of writing.</p>
<div class="lb-trans"><p>反对该提案的运动正在获得关注，截至撰写时，BitcoinForCorporations 的请愿信已吸引 1268 个签名。</p>
</div><h2>MSCI’s consultation and industry concerns</h2>
<div class="lb-trans"><h2>MSCI 的咨询与行业担忧</h2>
</div><p>MSCI said in October that it was consulting investors on whether to exclude so-called crypto treasury companies — firms that hold the majority of their balance sheet in cryptocurrencies — from its indexes.</p>
<div class="lb-trans"><p>MSCI 在十月表示，它正在咨询投资者是否应将所谓的加密财政公司——即在其资产负债表中持有大部分加密货币的公司——排除在其指数之外。</p>
</div><p>MSCI benchmarks are widely used by passive investment funds, meaning changes to index inclusion can directly affect capital flows into or out of affected stocks.</p>
<div class="lb-trans"><p>MSCI 基准被被动投资基金广泛使用，这意味着指数纳入的变化可以直接影响相关股票的资本流动。</p>
</div><p>Critics argue that MSCI’s proposed balance sheet-based approach is flawed.</p>
<div class="lb-trans"><p>批评者认为，MSCI 提出的基于资产负债表的方法存在缺陷。</p>
</div><p>BitcoinForCorporations said judging companies on the proportion of crypto on their balance sheet does not accurately reflect their underlying business operations.</p>
<div class="lb-trans"><p>BitcoinForCorporations 表示，依据公司资产负债表中加密货币的比例来评判公司并不能准确反映其基本业务运营。</p>
</div><p>“A single balance sheet metric cannot reflect whether a company is an operating business,” the group said, warning that firms could be excluded even if their customers, revenue, and core operations remain unchanged.</p>
<div class="lb-trans"><p>该组织表示：“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，” 并警告称，即使公司的客户、收入和核心运营保持不变，仍可能被排除在外。</p>
</div><p>The group has urged MSCI to withdraw the proposal and continue classifying companies based on business models, financial performance, and operational characteristics.</p>
<div class="lb-trans"><p>该组织已敦促 MSCI 撤回提案，并继续根据商业模式、财务表现和运营特征对公司进行分类。</p>
</div><h2>Growing pushback ahead of decision</h2>
<div class="lb-trans"><h2>决策前的反对声音日益增强</h2>
</div><p>Opposition to the proposal has widened in recent weeks.</p>
<div class="lb-trans"><p>对该提案的反对在最近几周有所扩大。</p>
</div><p>On December 5, Nasdaq-listed Strive called on MSCI to “let the market decide” whether passive investors want exposure to Bitcoin-holding companies.</p>
<div class="lb-trans"><p>12 月 5 日，纳斯达克上市的 Strive 呼吁 MSCI“让市场决定” 被动投资者是否希望接触持有比特币的公司。</p>
</div><p>Strategy also weighed in, stating in a letter that the proposed rule change would introduce a bias against crypto as an asset class, rather than allowing MSCI to function as a neutral index provider.</p>
<div class="lb-trans"><p>Strategy 也发表了意见，在一封信中表示，提议的规则变更将对加密作为一种资产类别产生偏见，而不是让 MSCI 作为一个中立的指数提供商运作。</p>
</div><p>MSCI said its final conclusions will be announced by January 15, with any approved changes slated for inclusion in the February 2026 index review.</p>
<div class="lb-trans"><p>MSCI 表示，其最终结论将在 1 月 15 日公布，任何批准的变更预计将在 2026 年 2 月的指数审查中纳入。</p>
</div><p>Until then, uncertainty over the decision is likely to remain a source of concern for both equity and crypto investors, particularly given the potential scale of forced selling if the exclusions move forward.</p>
<div class="lb-trans"><p>在此之前，关于决策的不确定性可能仍然是股票和加密投资者的一个担忧来源，特别是考虑到如果排除措施推进，强制抛售的潜在规模。</p>
</div><p>The post MSCI exclusion to cause $15B asset sales by crypto treasury firms appeared first on Invezz</p>
<div class="lb-trans"><p>该文章最初发表于 Invezz，标题为 “MSCI 排除将导致加密财政公司出售 150 亿美元资产”。</p>
</div>

明晟的排除可能导致加密货币财务公司出售价值 150 亿美元的资产