Strategy maintained its position in the Nasdaq 100 during this year’s rebalancing, marking its first successful test in the benchmark since joining the index last December.
The company, formerly known as MicroStrategy, has emerged as the largest corporate holder of Bitcoin (BTC). Following its recent acquisition of 10,624 Bitcoin for approximately $962.7 million last week, Strategy’s total holdings reach 660,624 BTC, valued at nearly $60 billion.
The latest adjustments to the Nasdaq 100 resulted in Biogen, CDW, GlobalFoundries, Lululemon, On Semiconductor, and Trade Desk being removed from the tech-heavy index, while Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate, and Western Digital joined the lineup, according to Reuters.
Despite staying in the index, Strategy shares ended the day down by 3.74%. The company’s stock has been on a downward trend recently, losing over 15% in the past month alone.
Related: MSCI’s Bitcoin snub is like penalizing Chevron for oil: Strategy CEO
MSCI review puts Strategy at risk
Strategy’s presence in the Nasdaq 100 is notable due to its unconventional business model and the ongoing debate regarding whether such companies function as operational firms or de facto investment vehicles.
These discussions gained momentum this year when MSCI began reviewing how to categorize companies that primarily raise capital for acquiring digital assets. The index provider has contemplated excluding firms with crypto holdings exceeding 50% of total assets, a decision that could impact Strategy as early as January. JPMorgan has alerted that up to $2.8 billion worth of Strategy shares held by passive funds might need to be sold if MSCI acts on this.
Strategy’s executives have pushed back against this. In a letter to MSCI dated Dec. 10, Executive Chairman Michael Saylor and CEO Phong Le claimed that the company is not merely a passive Bitcoin hoarder but an operational enterprise that issues preferred stock and other instruments for financing new acquisitions.
Related: Bitcoin treasuries stall in Q4, but largest holders keep stacking sats
Strategy raises $1.4 billion to quell FUD
Strategy recently secured $1.44 billion to alleviate market concerns regarding its ability to fulfill dividend and debt obligations if the share price declines further. “There was FUD that suggested we wouldn’t be able to meet our dividend obligations, causing people to pile into short Bitcoin bets,” Le stated.
During the Bitcoin MENA event in Abu Dhabi, Saylor also mentioned meeting with sovereign wealth funds, bankers, and family offices to position Bitcoin as “digital capital” and “digital gold.” He emphasized that a new category of “digital credit” built on Bitcoin can offer yield without the usual volatility associated with the asset, reinforcing his push to attract institutional capital to the sector.
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