The Hurdle Rate Podcast(@HurdleRatePod):MSCI, a $40 billion company, decides by October 16 whether companies holding Bitcoin bitcoin:native can remain in its indexes. Jeff pulled up MSCI’s own balance sheet: • Total assets: $5.6B • Goodwill: $2.9B • Assets net of goodwill: $2.7B • Long-term debt: $6.3B • Net assets: -$2.7B • Leverage ratio: ~230% • Market cap: ~$40B • mNAV: ~-15x MSCI is the 270th largest company, while Strategy $MSTR ranks 240th and holds ~27x the liquid assets once goodwill comes out. "I think there might be a tiny tinge of jealousy here of those companies trading relatively close to each other."

2026.09.01 20:18

MSCI, a $40 billion company, decides by October 16 whether companies holding Bitcoin bitcoin:native can remain in its indexes. Jeff pulled up MSCI’s own balance sheet: • Total assets: $5.6B • Goodwill: $2.9B • Assets net of goodwill: $2.7B • Long-term debt: $6.3B • Net assets: -$2.7B • Leverage ratio: ~230% • Market cap: ~$40B • mNAV: ~-15x MSCI is the 270th largest company, while Strategy $MSTR ranks 240th and holds ~27x the liquid assets once goodwill comes out. "I think there might be a tiny tinge of jealousy here of those companies trading relatively close to each other." - @PunterJeff