[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio86177ffe":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio86177ffe","明晟(MSCI)-剔除-Strategy(MSTR)：85-万枚-BTC-持仓承压，被动卖压落在股票而非比特币","\u002Fdoc\u002Fdcio86177ffe","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>据 Woofun AI 消息，全球最大比特币持有企业 Strategy(MSTR)已被正式列入摩根士丹利资本国际(MSCI)的剔除名单，这一决定将于 30 日美国股市收盘后生效，直接动摇了其通过指数基金获取被动资金流入的核心逻辑。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>此次调整源于明晟公司对非经营性企业纳入标准的收紧，旨在排除那些具有类似投资机构特征的公司。尽管 Strategy 拥有 47 亿 7,000 万美元的现金储备，流动性看似充裕，但市场焦点仍锁定在其持有的 85 万 364 枚比特币上。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Woofun AI 整理数据显示，跟踪相关指数的基金若抛售 Strategy 股票，虽不直接强制出售比特币，但可能引发连锁反应。截至 8 日，其美元储备足以覆盖约 3 年的优先股股息及可转换债券利息，但董事会已批准为支付股息、利息及补充储备而出售比特币，上限为 12 亿 5,000 万美元。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>事实上，2026 年初以来截至 10 月 25 日，Strategy 已通过出售比特币累计筹集约 4 亿 3,180 万美元，而用于补充储备的额外出售限额尚未动用。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>与此同时，增持压力并未消失，仅在 2 日至 8 日期间，Strategy 通过发行普通股筹集约 2 亿 8,380 万美元，其中 8,190 万美元用于购买 1,036 枚比特币，1 亿 8,830 万美元用于回购优先股，另有 1,360 万美元计入美元现金账户，显示资金用途的多元化。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>股价波动成为关键变量。摩根大通(JPM) 去年 11 月预测，剔除可能导致约 28 亿美元的抛售压力，进而迫使公司发行更多股票以筹集同等资金，加剧股权稀释并削弱增持能力。该估算对应明晟公司 2025 年 10 月提出、2026 年 1 月撤回的\"数字资产占比达 50%\"旧提案，并非针对本次采纳的新规；明晟公司官方亦未公布本次调整的被动资金流出规模。此次剔除名单还包括日本比特币持有企业 MetaPlanet 以及持有 SOL 的 Upexi(UPXI)，而持有 ETH 的 Sharplink(SBET) 虽未被剔除但被列入观察名单。这些企业均依赖发行股票购买数字资产，若股价下跌，财务稳定将优先于资产增持。MetaPlanet 明确表示，若股价低于所持比特币净资产价值的一倍，将优先回购股票及偿还债务。Upexi 和 Sharplink 则可通过质押收益缓解部分压力，但过度依赖股权融资的企业普遍面临增持能力削弱的风险。若纳斯达克等主流指数跟进类似标准，机构投资者基础将进一步缩小。Strategy 辩称，追踪明晟指数的基金仅持有其 3.1% 的普通股，影响有限，但这一比例在极端市场条件下仍可能引发显著波动。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>从行业结构看，指数剔除标志着被动投资逻辑对加密原生企业的重新定价。随着融资渠道收窄，企业将从\"无限增持\"转向\"流动性优先\"，这可能重塑比特币市场的长期供给曲线。这是继监管收紧后，市场机制对高杠杆加密持仓策略的又一次压力测试。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 每天处理千万级股票数据：捕捉期权大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准交易信号第一时间发到您手机APP！\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FR\u002FRATE\u002FRATE.jpg","2026-11-12T15:57:55","2026.11.12","2026\u002F11\u002F12",44928,[22],"rate","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" rel=\"noopener noreferrer\">\u003Cimg src=\"\u002Fimg\u002Fstockwewebfiles\u002Fweb-202408-stk\u002F1586109431mceclip0.jpg\">\u003C\u002Fa>\u003C\u002Ffigure>\u003Cdiv class=\"text-center\">\u003Ch2 class=\"card-title mx-auto\">\u003Cbr>\u003Ca rel=\"noopener noreferrer\" href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":71,"summaryHtml":76,"aboutTitle":77,"aboutHtml":78,"copyrightHtml":79},[44,47,50,53,56,59,62,65,68],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fvip",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"AI智能体","\u002FAiAgent",{"label":60,"url":61},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":63,"url":64},"美股课程","\u002Fcol\u002Fvideos",{"label":66,"url":67},"免责声明","\u002Fdisclaimer",{"label":69,"url":70},"联系我们","\u002FContactUs",[72,73,74,75],"\u002Fimages\u002Ffooter\u002Ffooter-1-wechat.gif?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-2-telegram.png?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-3-whatsapp.png?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-4-line.png?v=20260930c","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]