MSCI 拟将比特金库型公司剔除出全球指数
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Strategy sold over $200 million worth of BTC in a single week, while Metaplanet made its first BTC purchase in ten weeks.
According to data from SoSoValue, as of 8:00 AM Odaily on July 6, 2026, the total net purchase of Bitcoin by global listed companies (excluding mining companies) last week was $10.57 million, a decrease of 27.85% compared to the previous week. Strategy (formerly MicroStrategy) sold 1,363 bitcoins for approximately $80.8 million on June 30, at an average price of $59,256, reducing its holdings to 846,000 bitcoins; on July 5, it sold another 2,225 bitcoins for approximately $135 million, at an average price of $60,773, further reducing its holdings to 843,775 bitcoins. For the first time in 10 weeks, Japanese listed company Metaplanet announced an investment of $225 million to purchase 2,823 bitcoins at a price of $79,664, bringing its total holdings to 40,177 bitcoins. In addition, two other companies purchased Bitcoin last week. Brazilian Bitcoin company OrangeBTC announced on July 5th that it purchased 1 Bitcoin, the exact amount of which was not disclosed, bringing its total holdings to 3,897 Bitcoins. Asset management company Strive announced on July 6th that it spent $1.68 million to purchase 17.76 Bitcoins at a price of $64,761, bringing its total holdings to 19,882 Bitcoins. As of press time, the total number of Bitcoins held by listed companies worldwide (excluding mining companies) is 1,141,812, a decrease of 0.04% compared to last week. The current market value is approximately $70.3 billion, accounting for 5.7% of Bitcoin's circulating market capitalization.
Strategy, holding 847,363 BTC, was advised to generate income through lending or options rather than selling BTC.
According to a research report published on July 3rd by Alex Thorn, Head of Research at Odaily Digital, Strategy should explore generating revenue from its BTC holdings rather than directly selling physical BTC. Strategy previously launched a five-part Digital Credit Capital Framework, including a dollar reserve policy, a revised STRC dividend policy, a $1 billion preferred stock buyback mandate, a $1 billion MSTR stock buyback mandate, and a BTC monetization plan, increasing the STRC annual dividend yield from 11.5% to 12%. Strategy currently holds 847,363 BTC and has raised over $1 billion through common stock sales, extending its cash coverage period to approximately 17 months. Thorn stated that Strategy could use a small portion of its BTC for conservative lending or options strategies, generating revenue while retaining most of its upside exposure. Strategy still faces preferred stock obligations and $6.7 billion in outstanding convertible debt maturing in 2027 and 2028. (Bitcoin.com News)
JPMorgan Chase: Strategy's Bitcoin Selling Strategy May Exacerbate Market Volatility Risk
PANews reported on July 2nd that, according to CoinDesk, Wall Street bank JPMorgan Chase stated in a recent report that MicroStrategy's (referred to as Strategy in the text) selective sale of BTC for preferred stock dividends introduces "two-way" liquidity risk, increasing uncertainty in the crypto market. The report points out that Strategy currently has approximately $2.55 billion in cash reserves, enough to cover approximately 17 months of preferred stock dividends and interest. However, analysts believe that Strategy should increase this coverage to 24-36 months by issuing new common stock to reduce the possibility of future forced sales. Strategy currently holds approximately 847,000 BTC, representing about 4% of the total Bitcoin supply, and has accumulated approximately $13.7 billion in purchases this year, accounting for about 70% of the market's net inflows.
SpaceX was officially included in the Nasdaq 100 index this week; historical warnings point to post-inclusion volatility. TeraWulf's Q1 HPC leasing revenue surpassed mining's high-margin annualized revenue of $630 million for the first time.
According to ChainCatcher and BBX data, the world's largest IPO completed its index inclusion milestone yesterday, marking a historic turning point in the valuation logic of mining companies' AI transformation. Key developments are as follows: SpaceX, Inc. (NASDAQ: $SPCX) was officially included in the Nasdaq 100 index this week, becoming the first company in history to have its largest single IPO ($75 billion) included in the Nasdaq 100. CoinDesk also issued a historic warning: "The previous two largest additions to the index—Palantir ($PLTR) in December 2024 and Strategy ($MSTR) in early 2025—both experienced a period of decline after inclusion, rather than initiating a new round of growth." Analysts pointed out that passive funds tracking the Nasdaq 100 completed a "forced buy" at the time of inclusion, and without new fundamental catalysts, the stock price often corrects after the technical buying subsides. SpaceX currently faces specific risks including: a net loss of approximately $4.27 billion in Q1 2026 (primarily due to xAI integration expenses), a $2 billion bond issuance plan, and a 3.4% equity dilution from the $60 billion acquisition of Cursor/Anysphere; Morningstar maintains its fair value estimate of $62 per share, implying a downside of approximately 70% from the current market price. For the market holding SpaceX Bitcoin (18,712 coins, approximately $1.2 billion, custodied in Coinbase Prime), Nasdaq 100 inclusion will trigger larger-scale SPCX holdings by passive funds, further narrowing the indirect exposure of traditional index investors to Bitcoin assets. According to the latest analysis, TeraWulf Inc. (NASDAQ: $WULF) reported $21 million in high-performance computing (HPC) leasing revenue in Q1 2026, accounting for approximately 62% of its total revenue of $34 million. This marks the first time TeraWulf has surpassed Bitcoin mining revenue—a historic reversal in revenue structure since its transformation into an AI/HPC infrastructure company. This represents a 117% increase compared to the $9.7 million in HPC revenue in Q4 2025. The company currently has AI/HPC leases totaling over 522 megawatts signed with Core42 and Fluidstack, with an expected annualized high-margin revenue of approximately $630 million. Its energy mix consists of nuclear power and hydropower, with an average electricity cost of approximately $0.035/kWh, among the lowest of its peers in the mining industry. The company is also developing a new campus in Kentucky, adding approximately 480 megawatts of grid connection capacity; analysts have significantly raised their target price range, with Keefe Bruyette & Woods from $23 to $37, and Clear...
Bitwise CIO: Strategy's importance in the Bitcoin market may decrease after the STRC incident.
According to Mars Finance, Matt Hougan, Chief Investment Officer of Bitwise, analyzed the volatility of STRC, a subsidiary of Strategy (MSTR). He believes that Strategy currently holds approximately $49.6 billion in Bitcoin and $2.6 billion in cash, with assets far exceeding its debt and preferred stock obligations, posing no risk of liquidation. The company's newly launched digital credit capital framework allows it to flexibly sell Bitcoin to pay dividends based on market conditions, no longer mandating the maintenance of STRC's $100 face value. Hougan emphasized that Strategy has been the world's leading buyer and one-way source of Bitcoin demand for the past few years, but this situation has likely ended. In the future, Strategy will flexibly buy or sell Bitcoin based on market conditions, but will not become a large-scale seller (the annual mandatory sales volume is limited), and may still become a net buyer if Bitcoin prices rebound. Overall, Strategy's importance in the next cycle will be lower than in the previous cycle. He believes that STRC's volatility reflects the deleveraging process in the market, a typical characteristic of the end of a bull market. As these mismatched funds are squeezed out, a market bottom is forming, and a new bull market is expected to begin this fall.
Analysis: SpaceX's inclusion in the Nasdaq 100 index presents Bitcoin investment opportunities for passive index investors.
PANews reported on July 8th that, according to Bitcoin Magazine, SpaceX officially joined the Nasdaq 100 index on July 7th, after disclosing that its balance sheet held 18,712 bitcoins. JPMorgan Chase estimates that this index rebalancing will drive approximately $4.3 billion in passive inflows into funds and ETFs tracking the Nasdaq 100. This means that institutional capital has gained structural exposure to Bitcoin through corporate treasury channels. With SpaceX's addition, the number of companies holding Bitcoin treasuries in the Nasdaq 100 has increased to three (SpaceX, Tesla, and Strategy). Analysts point out that index inclusion creates demand driven by rules rather than active allocation, and Bitcoin holdings combined with strong fundamentals can improve a company's market visibility and liquidity.