Wait, MSCI doesn't include new shares? So MSTR's secondary offering is essentially being ignored, and shareholders have to bear the dilution effect themselves?
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This detail is really something. ATM new shares get directly cold-shouldered, index weighting becomes distorted—no wonder people say it's not as solid as it seems.
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So basically MSCI's rule only recognizes old shares, not new ones. No matter how much MSTR increases shares, it doesn't matter. That's rough.
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Another seemingly attractive index trap. Thinking about it this way, MSTR's appeal really isn't as compelling as it looked.
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Brilliant. The official terms are written so clearly yet people still missed it. This cold-shoulder treatment of new shares is actually quite interesting.
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MSCI's move directly locks down the weighting adjustment space. Who absorbs the dilution from newly issued shares?
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Suddenly I understand why some people say MSTR isn't as stable as imagined. This rule really is buried deep.
MSTRは本当に安全なのか？必ずしもそうではない。
最近、MSCIの暗号通貨指数に関するルールを調査していて、見落とされがちな重要なポイントに気づいた。公式には明確に記載されている——「MSCIは(NOS)の株数増加を実施しない」と。これはつまり、MSCIが対象銘柄の株数増加を行わないことを意味している。
これが何を意味するのか？簡単に言えば、ATM（公募増資）による新規発行株式は、MSCI指数の現在の採用計画において、調整範囲に含まれないということだ。言い換えれば、新規株式は冷遇される可能性がある。これは、保有者の希薄化効果や指数の実際のウェイトに影響を与える。小さな詳細に見えるが、実は奥深い秘密が隠されている。