Strategy maintained its position in the Nasdaq 100 during this year’s rebalancing, marking its first successful evaluation in the benchmark since its addition in December of last year.
The company, formerly known as MicroStrategy, has become the leading corporate holder of Bitcoin (BTC). With its recent acquisition of 10,624 Bitcoin for approximately $962.7 million last week, Strategy’s total holdings now amount to 660,624 BTC, valued at nearly $60 billion.
The latest Nasdaq 100 adjustment saw Biogen, CDW, GlobalFoundries, Lululemon, On Semiconductor, and Trade Desk excluded from the tech-focused index, while Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate, and Western Digital were added, according to Reuters.
Despite remaining in the index, Strategy shares closed the day down by 3.74%. The company’s shares have been on a downward trend recently, losing over 15% in just the past month.
Related: MSCI’s Bitcoin snub is like penalizing Chevron for oil: Strategy CEO
MSCI review puts Strategy at risk
Strategy’s inclusion in the Nasdaq 100 is notable not only due to its unconventional business model but also because of the ongoing debate regarding whether such companies function as operating firms or merely as investment vehicles.
These discussions intensified this year as MSCI began evaluating how to categorize companies that primarily raise capital to acquire digital assets. The index provider has considered excluding those firms whose crypto holdings surpass 50% of total assets, a potential move that could impact Strategy as soon as January. JPMorgan cautioned that up to $2.8 billion worth of Strategy shares held by passive funds might need to be sold if MSCI proceeds.
Strategy’s leadership has pushed back against this notion. In a letter to MSCI dated Dec. 10, Executive Chairman Michael Saylor and CEO Phong Le asserted that the company is not a passive Bitcoin accumulator but an active enterprise that issues preferred stock and other instruments to finance 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 were to drop further. “There was FUD that suggested we wouldn’t be able to 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 in discussions with sovereign wealth funds, bankers, and family offices to position Bitcoin as “digital capital” and “digital gold.” He contended that a new category of “digital credit” built on Bitcoin could provide yield without the volatility typically associated with the asset, emphasizing his efforts to attract institutional capital to the sector.
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