Strategy retained its spot in the Nasdaq 100 following this year’s annual rebalancing, passing its first major test in the index since joining in December last year.
Formerly known as MicroStrategy, the company is now the largest corporate holder of Bitcoin. Its most recent purchase of 10,624 BTC for approximately $962.7 million last week brought total holdings to 660,624 Bitcoin, valued at nearly $60 billion.
The latest Nasdaq 100 reshuffle removed Biogen, CDW, GlobalFoundries, Lululemon, On Semiconductor, and Trade Desk, while adding Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate, and Western Digital, according to Reuters.
Despite maintaining its index position, Strategy shares closed the day down 3.74%. The stock has remained under pressure in recent weeks, declining more than 15% over the past month.
MSCI Review Puts Strategy’s Index Status at Risk
Strategy’s inclusion in the Nasdaq 100 has drawn attention not only for its unconventional business model, but also for the growing debate over whether companies built around large digital-asset holdings should be treated as operating firms or effectively as investment vehicles.
That debate intensified this year as MSCI began reassessing how it classifies companies that raise capital primarily to acquire cryptocurrencies. The index provider has reportedly considered excluding firms whose crypto holdings account for more than 50% of total assets—a move that could affect Strategy as early as January. JPMorgan has warned that such a decision could force passive funds to sell up to $2.8 billion worth of Strategy shares.
Strategy’s leadership has pushed back against that characterization. In a Dec. 10 letter to MSCI, Executive Chairman Michael Saylor and CEO Phong Le argued that the company is an operating business, not a passive Bitcoin holder, noting that it actively issues preferred stock and other financial instruments to fund its strategy.
Strategy Raises $1.4 Billion to Ease Market Concerns
Strategy recently raised $1.44 billion in capital to address market concerns about its ability to meet dividend and debt obligations if its share price were to fall further. “There was FUD suggesting we wouldn’t be able to meet our dividend obligations, which encouraged traders to pile into short Bitcoin bets,” Le said.
Speaking at the Bitcoin MENA event in Abu Dhabi, Saylor added that he has been engaging with sovereign wealth funds, bankers, and family offices to promote Bitcoin as “digital capital” and “digital gold.” He also outlined a vision for a new class of “digital credit” built on Bitcoin, aimed at generating yield without the volatility typically associated with the asset—part of a broader effort to attract institutional capital into the ecosystem.
