MicroStrategy (MSTR) 成為第一家在納斯達克 100 指數上市的專注於比特幣的公司

這項舉措使市場距離將加密業務添加到現有金融基準指數又更近了一步。

Bitcoin-focused company MicroStrategy (NASDAQ:MSTR) will be joining the Nasdaq-100, an index of the 100 largest non-financial companies listed on the Nasdaq stock exchange. The index heavily features technology stocks, including Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Nvidia (NASDAQ:NVDA), Amazon (NASDAQ:AMZN), Meta (NASDAQ:META), and Tesla (NASDAQ:TSLA).

專注於比特幣的公司 MicroStrategy（納斯達克股票代碼：MSTR）將加入納斯達克 100 指數，這是納斯達克證券交易所上市的 100 家最大非金融公司的指數。該指數以科技股為主，包括蘋果（NASDAQ：AAPL）、微軟（NASDAQ：MSFT）、英偉達（NASDAQ：NVDA）、亞馬遜（NASDAQ：MSFT）、英偉達（納斯達克股票代碼：NVDA）、亞馬遜（納斯達克股票代碼：AMZN）、Meta（納斯達克股票代碼：META）和特斯拉（納斯達克股票代碼：TSLA） 。

This move brings the market one step closer to adding crypto businesses to its widely followed financial benchmark indexes.

此舉使市場距離將加密業務納入其廣泛關注的金融基準指數又近了一步。

What MicroStrategy's Inclusion Means For Bitcoin Investors

MicroStrategy 的加入對比特幣投資者意味著什麼

The addition of MicroStrategy to the Nasdaq-100 raises the index's Bitcoin exposure, as the company holds nearly $42 billion in the apex crypto. The Invesco QQQ Trust (QQQ), an ETF that tracks the Nasdaq-100 and has over $300 billion in assets under management, will gain indirect exposure to Bitcoin through MicroStrategy.

MicroStrategy 被納入納斯達克 100 指數提高了該指數的比特幣風險敞口，因為該公司持有近 420 億美元的頂級加密貨幣。 Invesco QQQ Trust (QQQ) 是一款追蹤納斯達克 100 指數的 ETF，管理超過 3000 億美元的資產，將透過 MicroStrategy 間接獲得比特幣曝險。

Its market capitalization was last valued at $92 billion on November 29, the annual Nasdaq market tally date on which it was rebalanced. This places the company in the 40th position and has an estimated pre-rebalance weight of 0.47%. In comparison, the largest constituent, Apple, had a pre-rebalance weight of nearly 9%.

其市值最後一次估值為 920 億美元，時間為 11 月 29 日，即年度納斯達克市場盤點日，該公司進行了重新平衡。這使得該公司排名第 40 位，重新平衡前的權重估計為 0.47%。相較之下，最大的成分股蘋果在重新調整前的權重接近 9%。

As tech workers join the company, they could be boosting MicroStrategy stock in a big way, noted Eric Balchunas, senior ETF analyst at Bloomberg Intelligence. “The addition of MicroStrategy changes the model, as these funds are always buying, regardless of the price,” he said.

Bloomberg Intelligence 資深 ETF 分析師 Eric Balchunas 指出，隨著科技人員加入公司，他們可能會大幅提振 MicroStrategy 股票。 「MicroStrategy 的加入改變了模式，因為無論價格如何，這些基金總是在買入，」他說。

Highlighting the Opportunities and Risks in Bitcoin-Centric Investments

強調以比特幣為中心的投資的機會和風險

Being included in the Nasdaq-100 will help MicroStrategy pull in billions of dollars in passive money for its Bitcoin holdings, increasing the demand for the crypto and boosting its presence among mainstream investors. However, some analysts noted that the company's long-term membership in the index may be in jeopardy.

被納入納斯達克 100 指數將有助於 MicroStrategy 為其持有的比特幣吸引數十億美元的被動資金，增加對加密貨幣的需求並提高其在主流投資者中的影響力。然而，一些分析師指出，該公司在該指數中的長期成員資格可能面臨危險。

Bloomberg Intelligence senior ETF analyst Eric Balchunas expressed concerns that MicroStrategy might be reclassified as a financial firm, which could lead to its removal from the Nasdaq-100. This reclassification is occurring because it uses its Bitcoin holdings to fund its operations rather than using its operations to fund its holdings. Coming out in support of this notion, Michael Saylor hinted that the company might be adopting the Bitcoin bank model, which will further solidify its financial credentials and move the company even further away from a tech industry classification.

Bloomberg Intelligence 高級 ETF 分析師 Eric Balchunas 對 MicroStrategy 可能被重新歸類為金融公司表示擔憂，這可能導致其從納斯達克 100 指數中除名。發生這種重新分類是因為它使用其持有的比特幣為其營運提供資金，而不是使用其營運為其持有的比特幣提供資金。邁克爾·塞勒(Michael Saylor)站出來支持這一觀點，暗示該公司可能會採用比特幣銀行模式，這將進一步鞏固其財務資質，並使該公司進一步遠離科技行業分類。

Despite this risk, the implications of this move are largely positive for MicroStrategy and Bitcoin, especially if the company manages to pull off any profitable trades based on its massive Bitcoin holdings. A large number of investors who hold ETFs like QQQs will be indirectly investing in MSTR, further pumping the cryptocurrency into mainstream financial markets.

儘管存在這種風險，這項舉措對 MicroStrategy 和比特幣的影響在很大程度上是積極的，特別是如果該公司能夠基於其大量比特幣持有量成功實現任何有利可圖的交易。大量持有QQQ等ETF的投資人將間接投資MSTR，進一步將加密貨幣推向主流金融市場。

Broader Market Implications

更廣泛的市場影響

The inclusion of MicroStrategy in the Nasdaq-100 may also prompt NASDAQ to make changes to other major benchmark indexes. According to experts, the largest ETF in the world, the SPDR S&P 500 Trust (SPY), which has around $650 billion in AUM, might feel the heat of joining the inclusion of MicroStrategy. Doing so would increase its holdings in line with competitors and expand the penetration of Bitcoin into financial products even more.

MicroStrategy 被納入 Nasdaq-100 也可能促使納斯達克對其他主要基準指數進行調整。據專家稱，全球最大的 ETF SPDR S&P 500 Trust (SPY) 的資產管理規模約為 6,500 億美元，可能會感受到加入 MicroStrategy 的熱度。這樣做將增加其持有量，與競爭對手保持一致，並進一步擴大比特幣在金融產品中的滲透率。

The new constituents list and adjustments to a range of Nasdaq-100 sub-products will become effective on 23rd December following the rebalance event. In reaction to the announcement, the BTC level increased to $102,000, revealing a stock's expected value when more investors are willing to invest and optimistic about the development.

新的成分股名單以及對一系列納斯達克 100 子產品的調整將於 12 月 23 日重新平衡事件後生效。消息公佈後，比特幣價格上漲至 102,000 美元，揭示了當更多投資者願意投資並對發展持樂觀態度時股票的預期價值。

MicroStrategy's inclusion marks an overlap between the financial industry and the crypto market. Hence, as institutional investors and passive funds embrace such changes, it could act as a tipping point in embracing the crypto asset as the remaining aristocratic layouts gradually surrender to mainstream adoptions.

MicroStrategy 的加入標誌著金融業和加密貨幣市場之間的重疊。因此，隨著機構投資者和被動基金接受這種變化，隨著剩餘的貴族佈局逐漸屈服於主流採用，它可能成為擁抱加密資產的轉捩點。