分析：MSCI設定の「隠し条項」またはStrategyへの増分資金流入を断つ可能性

PANews January 8th News, according to CryptoSlate report, MSCI, a global benchmark provider for stocks and ETF markets, announced it will temporarily not remove bitcoin treasury company Strategy, but one hidden clause “MSCI will not implement any increases to the Number of Shares (NOS) MSCI will not implement any increases to the Number of Shares (NOS) of the subject” has drawn community attention. This clause means that new shares issued by Strategy through ATM will not be included in the MSCI index weighting and will not trigger passive fund purchases. In other words, MSCI recognizes the existence of cryptocurrency reserve stocks, but refuses to continue providing passive funding support for ATM issuances. Even if Strategy issues more shares, passive funds will not follow suit to purchase them, cutting off incremental capital flows and breaking the “infinite capital cycle” that Strategy relied on by issuing new shares to finance bitcoin purchases, which were then mandatorily purchased by ETFs to support the stock price. It is understood that besides Strategy, other potential affected bitcoin treasury companies include Metaplanet and Capital B.