Recently, a major news about MicroStrategy has been circulating in the market, worth paying attention to.

The global leading index provider MSCI is reportedly considering a rule adjustment. According to Reuters, they plan to exclude listed companies whose digital asset holdings, such as Bitcoin, account for more than 50% from their global benchmark indices. It sounds a bit aggressive, but there is a logic behind it.

**Immediate Impact**

MicroStrategy will obviously be the first to be affected. Once the rule takes effect, passive funds and ETFs tracking MSCI indices will have to sell off this company's stock. Analysts estimate this could lead to an outflow of approximately $9 billion. This is definitely not a small matter for the stock price.

**Greater Concerns**

If MSCI moves, other index providers (like FTSE Russell, S&P) are unlikely to sit idly by. Once a precedent is set, the attractiveness of the "crypto concept stocks" sector in traditional capital markets will be significantly diminished. This means less liquidity and higher financing costs.

**Disputes Between Parties**

MSCI's view is: these companies are essentially digital asset investment vehicles, fundamentally no different from investment funds. Investment funds are not even included in stock index components in the first place.

MicroStrategy, on the other hand, disagrees. They insist they are operational companies with real business activities, and holding Bitcoin is part of their long-term financial strategy, not an investment. Implicitly, they believe this rule shows bias against the crypto industry.

**Key Timeline**

The proposal is currently in the public consultation phase, with a final decision expected to be announced by January 15, 2025. During this period, market sentiment is likely to fluctuate.

**Underlying Significance**

This matter is far more than just about one company's stock price. It reflects how traditional financial systems view and treat listed companies heavily invested in crypto assets. This decision will influence whether more companies dare to do so in the future, and how they do it.

Regardless, this is a development worth following, as it could reshape how listed companies allocate their crypto assets. Of course, the proposal is not yet a final decision, and market variables remain significant. Investment decisions should still be based on comprehensive information and personal judgment.