TLDR
- Strategy keeps its Nasdaq 100 spot despite bitcoin-focused business model concerns.
- Nasdaq removes seven companies while adding six, reflecting index recalibration.
- MSCI will review Strategy and similar firms for benchmark eligibility in January.
- CEO Phong Le raised $1.44B in eight days to support investor confidence.
Strategy (MSTR.O), the bitcoin-focused firm formerly known as MicroStrategy, has maintained its position in the Nasdaq 100 index.
The company’s continued inclusion comes amid growing questions over its business model centered on large bitcoin holdings. Strategy’s presence in the benchmark reflects its market capitalization and ongoing role within the technology sector despite volatility in cryptocurrency markets.
The company’s approach of holding significant bitcoin reserves has drawn attention from analysts and investors alike.
Nasdaq’s technology-heavy index tracks the largest non-financial companies listed on the exchange. Strategy’s retention demonstrates that the company continues to meet the index’s inclusion criteria during routine annual reviews.
Nasdaq 100 Index Adjustments and Market Movements
Nasdaq recently removed several companies from the benchmark, including Biogen, CDW Corporation, Globalfoundries, Lululemon Athletica, On Semiconductor, and Trade Desk. These changes are scheduled to take effect on December 22 and reflect market capitalization shifts within the index.
Meanwhile, new entrants include Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate Technology, and Western Digital.
These additions reflect Nasdaq’s goal of maintaining a diverse mix of high-performing technology and industrial firms. Strategy’s continued presence shows that digital-asset treasury companies can remain part of the index when they meet the set standards.
Concerns persist over companies holding concentrated cryptocurrency assets, as share prices are sensitive to bitcoin price fluctuations. Nasdaq’s inclusion rules aim to balance representation with market stability, allowing Strategy to retain its spot while other companies were removed.
MSCI Review and Strategy’s Capital Strength
Global index provider MSCI will decide in January whether to exclude Strategy and similar companies from its benchmarks. MSCI has raised questions regarding the suitability of digital-asset treasury companies due to their reliance on bitcoin holdings.
Strategy CEO Phong Le highlighted the company’s ability to raise capital during market uncertainty.
According to Coin Bureau (@coinbureau), Strategy raised $1.44 billion in eight days to address concerns and show resilience during a bitcoin down cycle.
STRATEGY’S STRATEGY TO ADDRESS FUD
Strategy CEO Phong Le says they raised $1.44 billion in 8 days to address the FUD and show people that they’re still able to raise money during a #Bitcoin down cycle. pic.twitter.com/ydcdrPRDc7
— Coin Bureau (@coinbureau) December 13, 2025
Originally a software company, Strategy pivoted to bitcoin investing in 2020. Its inclusion in the Nasdaq 100 under the technology category began last December.
MSCI’s upcoming review will provide further clarity on whether digital-asset treasury companies can maintain benchmark eligibility globally.
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