MSCI is considering excluding companies from its indexes if digital assets make up more than half of their balance sheet.
70%+ ($3.7B) of MSCI's assets are classified as “intangible” (goodwill and other intangible assets).
Ironic that the “intangible” digital assets being targeted are exponentially more liquid, observable, and tradeable than “goodwill and other intangible assets.”
REITs hold real estate.
Timber companies hold timber.
Gold miners hold gold.
Oil and gas companies hold oil and gas.
No one calls them “funds.”
They are widely accepted as operating companies.
Yet 54% of MSCI Inc.’s balance sheet assets are goodwill.
By that logic, should MSCI be considered a goodwill “fund”?
Do you hear how absurd that sounds?
1. High asset concentration does not make a company a fund.
Many operating companies are naturally asset-concentrated by design. REITs hold real estate. Timber firms hold timber. Oil and gas companies hold hydrocarbons. Gold miners hold gold. None of these are treated as investment funds or excluded from major equity indices simply because of balance sheet composition.
2. A fixed percentage threshold is arbitrary and unworkable.
Using a 50% asset test tied to volatile assets creates instability. Asset values fluctuate, accounting treatments differ, and companies could move in and out of index eligibility without any change in their underlying business operations. That distorts index construction and undermines consistency.
3. This approach injects subjective policy judgments into index construction.
Index providers are meant to reflect market reality neutrally, not decide which assets are acceptable to hold. Singling out Bitcoin while ignoring identical balance-sheet logic applied elsewhere breaks long-standing indexing principles and erodes confidence in benchmark neutrality.
$MSTR is not a fund.
It is an operating company.
And balance sheet composition alone does not change that.
“Deflation is the natural state of a free market.
And only #Bitcoin can measure it.”
— nostr:nprofile1qqsg86qcm7lve6jkkr64z4mt8lfe57jsu8vpty6r2qpk37sgtnxevjcprpmhxue69uhhyetvv9ujuumwdae8gtnnda3kjctvqyw8wumn8ghj7mn0wd68ytnzd96xxmmfdejhytnnda3kjctvfkg4t5
Bitcoin doesn’t need to become a day-to-day medium of exchange to succeed.
Hal Finney understood this very early. He wrote that Bitcoin transactions might be rare, with most activity happening on higher layers or through intermediaries. Individuals would hold Bitcoin as a reserve asset, while institutions would handle payments and credit on top of it. Bitcoin, in his eyes, functioned as base-layer money, not retail payment rails.
Strategy’s preferred equity products effectively treat Bitcoin as a digital reserve asset. Bitcoin sits at the base, while these credit instruments are built on top. Most users never touch the base layer, just like most people never move physical gold. People forget the credit market for gold was almost 3x larger than the market for gold itself.
Lately I’ve been thinking more about the idea of true transactional digital money.
A product like $STRC is about 5x overcollateralized with Bitcoin, which keeps volatility relatively low, though it isn’t perfect. It doesn’t hold a strict $100 peg well enough to be used as a true transactional asset, but it’s far more stable than holding raw Bitcoin directly.
This is where I think institutions eventually come in. This part is speculative, but it’s easy to imagine Strategy offering institutions like JPMorgan or Morgan Stanley a savings-account-style product with $STRC as the underlying plumbing.
$STRC currently yields around 10.75%, which gives banks plenty of margin. They take deposits, allocate into $STRC, offer customers a high-yield, zero-volatility savings account, and earn the spread. Strategy, in turn, uses those funds to buy more Bitcoin and further overcollateralize the credit instruments built on top.
Digital money doesn’t need high transaction volume at the base layer. It needs credibility, scarcity, and final settlement. Bitcoin provides those properties. Everything else can scale above it.
Bitcoin succeeds not by replacing Visa, but by replacing the monetary foundation those systems sit on.
#Bitcoin, #Gold, & #Silver all going parabolic is not a sign of a healthy monetary system…
https://blossom.primal.net/c839cb9f3869cb75187169b4761ab20bbacf56c8d5d708989b210cb4e6dbebd8.mov
#Bitcoin #Gold #Silver going parabolic is not a sign of a healthy monetary system..
https://blossom.primal.net/d8b53977596791a735b8c758f2f1abc74ac9fcde7ba2f064f181277c212bf5a4.mov
You can believe what Israel is doing is wrong without hating Jews.
⚡️💬 NEW - Nick Fuentes Says Israel Shares His Supremacist Politics, Just With Different Hierarchies
Nick Fuentes praised Israel for pursuing an ethno-state: “In Israel, they have my politics… they want to maintain a Jewish majority… they’re fighting like hell so the Jewish people can have as much territory… Whereas in America, we are being besieged by 10 million illegal immigrants in four years, and whites are going to be the minority.”
https://blossom.primal.net/ec13ff337b67119d88e7dd1cd2deda7cdfd25d59c8315460c4eb996830551949.mp4
This guy is a Nazi.
⚡️🇺🇲 NEW - Health Secretary. RFK jr. did 20 pull-ups with ease at DCA airport, at 71 years old.
https://blossom.primal.net/59ba02207b6816d50bd5f9ac1792dd551a6f9b87376593d10d3634b3e371e681.mp4
Dude’s a beast!
I don’t deserve them.
We love because he first loved us.
— 1 John 4:19
Sell? To buy dollars??
I never understood the criticism.
⚡️🇮🇱🇸🇾 NEW - Israeli PM Netanyahu issues a new threat to Syria, announcing a demilitarized buffer zone stretching from Damascus to Mount Hermon. He says an agreement with Damascus is possible if it complies with Israel’s security conditions.
“we are determined to defend our communities on our borders, including on the northern border, and to prevent the entrenchment of terrorists and hostile activities against us; to protect our Druze allies; and to ensure that Israel is secure from ground and other attacks from areas near the border.”
“What we expect Syria to do is, of course, to establish a demilitarized buffer zone from Damascus to the [Israeli-held] buffer zone, and of course the approaches to Mount Hermon and the Hermon summit”
“In a positive atmosphere and with understanding of these principles, it is also possible to reach an agreement with the Syrians but we will stand by our principles in any case,”
https://blossom.primal.net/63e5b2149eaef48b43fe41a7da51229b44f858997fd84839ee3a411a409e54f7.mp4
A generous person will prosper; whoever refreshes others will be refreshed.
— Proverbs 11:25
Give, and it will be given to you. A good measure, pressed down, shaken together and running over, will be poured into your lap. For with the measure you use, it will be measured to you.
— Luke 6:38
Maybe hatred is a little excessive. 😂 It just seems like you’re dunking on Strategy and/or the people who follow it.
I’m an 80 year old living in a 22 year old body.
Weird.
