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first_img MSCI's new proposal may exclude Strategy and Metaplanet from the global investable index

According to CoinDesk, the index provider MSCI has launched a new round of consultations, proposing to exclude so-called "non-operating companies" from its Global Investable Market Indexes. This classification will no longer use the proportion of crypto assets as the sole threshold but will adopt a two-step screening process: first, it will check whether operating assets exceed 50% of total assets; those that do not pass will then be assessed based on five financial ratios: operating asset intensity, expense intensity, cash flow, fair value intensity, and capital dependence. If at least four of these do not meet the standards, they will not qualify for inclusion.If the current data is applied to the MSCI ACWI IMI Index, Bitcoin-holding companies Strategy (MSTR), Metaplanet (3350), and uranium holder Yellow Cake will be excluded. Strategy has cumulatively held approximately 840,400 BTC since 2020, while Metaplanet holds about 43,000 BTC. MSCI's description of "non-operating companies" refers to businesses that create value by accumulating and holding non-operating assets, have limited operating cash flow, and rely on external financing for expansion.The consultation for collecting opinions will end on September 30, with results expected to be announced around October 16; even if approved, the related adjustments will not take effect until the index review in November 2026 at the earliest. Previously, a consultation in October 2025 regarding "digital asset treasury" companies, which set a standard of 50% for crypto asset proportion, had caused market fluctuations and industry opposition, ultimately being postponed.

Bullish Q2 financial report: Net loss of 280 million USD, digital asset trading volume of 32.6 billion USD

According to GlobeNewswire, the cryptocurrency asset trading platform Bullish announced its financial performance for the second quarter of 2026. The company stated that as the global securities market gradually migrates to public chains, Bullish is planning to build a complete issuer-supported tokenized securities service system around issuance, listing, trading, and tracking.Bullish CEO Tom Farley stated that the global securities market, which is nearly $300 trillion in scale, is turning to public blockchains, and Bullish hopes to collaborate with issuers to drive this process. Once the proposed acquisition of Equiniti is completed, the company will form an integrated platform covering securities token issuance, listing, trading, and tracking.Financial data shows that Bullish's digital asset sales in the second quarter amounted to $32.6 billion, down from $58.6 billion in the same period last year; the net loss was $280 million, compared to a net profit of $108.3 million in the same period last year, corresponding to a diluted loss per share of $1.78.However, the company's core business performance has improved. Adjusted revenue (non-IFRS) for the second quarter reached $92.6 million, a year-on-year increase of 62%, higher than $57 million in the same period last year; among them, subscription, service, and other revenues reached a record $62.7 million. Adjusted trading revenue was $29.9 million, a year-on-year increase of 24%; adjusted EBITDA was $29.5 million, compared to $8.1 million in the same period last year; adjusted net profit was $14.3 million, compared to a loss of $6 million in the same period last year.In terms of business progress, Bullish stated that the acquisition of the UK fintech company Equiniti is progressing and is expected to be completed in early 2027, still subject to regulatory approvals and other customary conditions. In addition, Bullish's CoinDesk Index continues to gain institutional adoption. Morgan Stanley launched Bitcoin, Ethereum, and Solana-related trading products based on the CoinDesk benchmark index, attracting over $400 million in inflows in the second quarter.In terms of regulation, Bullish has obtained approval from the Gibraltar Financial Services Commission (GFSC) to provide secondary trading services for tokenized securities, becoming one of the first regulated platforms to offer issuer-supported tokenized securities trading.The company has also raised and refined its full-year guidance for 2026, expecting subscription, service, and other revenues (non-IFRS) to be between $225 million and $245 million, adjusted operating expenses to be between $225 million and $230 million, and financing costs to be expected between $52 million and $60 million.
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