Strategy maintained its position in the Nasdaq 100 during this year’s rebalancing, marking its first successful evaluation in the benchmark since its entry into the index last December.
The firm, formerly known as MicroStrategy, has become the leading corporate holder of Bitcoin (BTC). Following its recent acquisition of 10,624 Bitcoin for approximately $962.7 million last week, Strategy’s total Bitcoin holdings have reached 660,624 BTC, valued at nearly $60 billion.
The latest reconfiguration of the Nasdaq 100 resulted in the removal of Biogen, CDW, GlobalFoundries, Lululemon, On Semiconductor, and Trade Desk from the tech-focused index. Conversely, Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate, and Western Digital joined the roster, as reported by Reuters.
Despite remaining in the index, Strategy shares fell by 3.74% at the end of the day. The stock has been in a downward trend lately, having lost over 15% in the past month alone.
Related: MSCI’s Bitcoin snub is akin to penalizing Chevron for oil: Strategy CEO
MSCI review threatens Strategy
Strategy’s presence in the Nasdaq 100 is noteworthy not only due to its unconventional business model, but also because of the ongoing discussion about whether such companies act more like operating firms or mere investment vehicles.
These discussions have intensified this year as MSCI initiated a review of how to categorize firms that mainly raise capital to purchase digital assets. The index provider is contemplating the exclusion of companies whose cryptocurrency holdings surpass 50% of total assets, a decision that could impact Strategy in January. JPMorgan has cautioned that as much as $2.8 billion worth of Strategy shares held by passive funds could face forced sales if MSCI acts on this.
In response, Strategy’s leadership has pushed back. In a letter to MSCI dated Dec. 10, Executive Chairman Michael Saylor and CEO Phong Le contended that the company is not merely a passive Bitcoin hoarder but an active enterprise that issues preferred stock and other instruments to fund new acquisitions.
Related: Bitcoin treasuries stall in Q4, yet major holders continue to stack sats
Strategy secures $1.4 billion to alleviate concerns
Recently, Strategy raised $1.44 billion to allay market fears about its capacity to fulfill dividend and debt commitments should the share price decline further. “There was FUD circulating suggesting that we wouldn’t meet our dividend obligations, prompting people to engage in short Bitcoin bets,” Le stated.
At the Bitcoin MENA event in Abu Dhabi, Saylor also mentioned that he has been engaging with sovereign wealth funds, bankers, and family offices to reframe Bitcoin as “digital capital” and “digital gold.” He posited that a new category of “digital credit” built on Bitcoin could yield returns without the volatility typically associated with the asset, highlighting his efforts to attract institutional investment into the space.
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