③专家对此各抒己见，但无法对此事形成一致的看法。Source: Caixin News
Author: Malan
1. MicroStrategy officially joined the NASDAQ 100 Index on Monday, which means that global investors tracking the NASDAQ Index are now passively holding Bitcoin assets.
2. The company's co-founder Michael Saylor expects that the company is likely to enter the S&P 500 Index by 2025.
3. Experts have differing opinions on this matter, but they cannot reach a consensus.
On Monday, the nominal software manufacturer and actual Bitcoin leveraged investor MicroStrategy successfully passed all selection criteria to join the NASDAQ 100 Index, meaning that global investors tracking the NASDAQ Index are now passively holding Bitcoin assets.
This has sparked significant debate in the global Capital Markets; however, MicroStrategy's co-founder and executive chairman Michael Saylor is still brewing a bigger storm. He believes that MicroStrategy is expected to pass the screening of the S&P 500 Index in 2025, thus entering a larger stage.
Saylor stated that benefiting from the rise in Bitcoin value, MicroStrategy's Assets are expected to reach $50 billion by 2025. If Bitcoin rises by another 20%, the company's annual investment return will reach $10 billion, paving the way for entry into the S&P 500 Index.
According to the compilation rules, the S&P Index includes the 100 largest companies by Market Cap in the U.S. stock market and companies must have positive earnings in the most recent quarter and in the four consecutive quarters.
Currently, MicroStrategy, with a Market Cap of $89 billion, already meets the criteria; under the new accounting standards, Bitcoin investment returns will be included in the company's net income, which may eliminate the last barrier set by profit standards.
De facto Bitcoin ETF
MicroStrategy's main Business — Software revenue has remained steady at around $0.47 billion over the past five years, but its non-main Business Bitcoin investments have created a rocket-like surge in stock price this year. Currently, the company holds a total of 44,262 Bitcoins, with a total cost of $27.7 billion, while its market price has reached $41.3 billion.
Despite MicroStrategy's Bitcoin strategy seeming very profitable, many experts still believe that its ambition to enter the S&P 500 Index is overly naive.
Antti Petajisto, the head of Stocks at Bruker Corp, emphasized that companies in the S&P 500 Index must have corresponding Business that generate sales, while MicroStrategy is essentially more like a Bitcoin investment Fund. Therefore, including MicroStrategy in the S&P 500 Index sounds somewhat ridiculous.
Kaasha Saini, head of Index strategy at Jefferies, believes that the probability of MicroStrategy being included in the S&P Index is lower than that of Coinbase, because the latter also meets the criteria, represents the crypto market, and has real Business support. However, since Coinbase belongs to the Financial Industry, which has a lower weight than the Technology sector to which MicroStrategy belongs, there are some variables in this.
Edward Yoon, an index strategist at Macquarie Capital, added that even if MicroStrategy meets the criteria, the S&P might choose to wait a quarter or two before including it, just like in the case of Tesla.
He pointed out that the S&P Index committee would not want a situation where a company faces downgrade risk immediately after being included in the index, and given the extreme volatility, it is currently difficult to predict whether MicroStrategy will successfully join the S&P 500 Index.
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