Strategy Stays in Nasdaq 100 Despite Bitcoin-Focused Model

Bitcoin-heavy firm Strategy (NASDAQ: MSTR) will remain in the Nasdaq 100 index following the annual rebalancing, defying expectations that its unconventional, crypto-centric business model could put its inclusion at risk. The reshuffle, which removes several high-profile companies, underscores Strategy’s continued relevance among the largest non-financial firms listed on the Nasdaq.

Formerly known as MicroStrategy, the company was originally a business intelligence and software provider. In 2020, it made a dramatic strategic shift by adopting bitcoin as its primary treasury asset. Since then, Strategy has accumulated approximately 660,624 BTC, currently valued at around $59.55 billion, making it the largest corporate holder of bitcoin globally. This aggressive accumulation strategy helped propel the company into the Nasdaq 100 last December.

Unlike most companies in the index, Strategy’s stock performance is closely linked to bitcoin price movements. This tight correlation has drawn criticism from analysts who argue that the firm behaves more like a bitcoin investment vehicle than a traditional operating company. The Nasdaq 100 is designed to track major non-financial businesses, and some observers contend that if Strategy were classified as a holding company, it could become ineligible for inclusion.

Concerns around crypto treasury companies extend beyond Nasdaq. MSCI, another major index provider, has raised questions about whether firms like Strategy should be included in its benchmarks. A decision on potential exclusions is expected in January, adding uncertainty for companies whose balance sheets are heavily weighted toward digital assets.

Strategy has pushed back against these critiques, emphasizing that it remains an operating technology business with active business intelligence operations, not an investment fund. The company argues that holding bitcoin is a capital allocation strategy rather than a redefinition of its corporate identity.

In this year’s Nasdaq 100 rebalance, six companies were removed, including Biogen, Lululemon, and Trade Desk, while new additions such as Alnylam Pharmaceuticals, Ferrovial, and Seagate Technology were added. The updated index composition will take effect on December 22, with Strategy retaining its spot amid ongoing debate over the role of bitcoin-focused companies in major stock indexes.