Strategy Keeps Its Spot in the Nasdaq 100 as Bitcoin Bet Grows to $60B
What Happened in This Year’s Nasdaq 100 Rebalancing?
Strategy, formerly MicroStrategy, retained its place in the Nasdaq 100 during this year’s rebalancing — its first test since joining the benchmark in December 2023. The outcome gives the company continued visibility in one of the world’s most tracked equity indices, even as its share price remains under pressure.
The move comes as Strategy deepens its role as the largest corporate holder of Bitcoin. The firm bought another 10,624 BTC last week for roughly $962.7 million, lifting its total holdings to 660,624 BTC, valued near $60 billion at current prices.
The Nasdaq 100 adjustment replaced Biogen, CDW, GlobalFoundries, Lululemon, On Semiconductor and Trade Desk with Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate and Western Digital, according to Reuters.
Despite keeping its index seat, Strategy shares closed down 3.74% on the day and have dropped more than 15% over the past month.
Investor Takeaway
Strategy survived the Nasdaq 100 reshuffle, but the market is watching how its Bitcoin-heavy balance sheet collides with upcoming index classification decisions.
Why Is MSCI Reviewing Strategy’s Classification?
While Strategy remains part of the Nasdaq 100, the firm faces another test from MSCI. The index provider is evaluating how to categorize companies that raise capital mainly to buy crypto assets. The review follows rising debate over whether these firms resemble operating businesses or Bitcoin investment vehicles.
MSCI has examined a potential rule excluding companies whose digital-asset holdings exceed 50% of total assets. That threshold could affect Strategy as early as January. JPMorgan estimated that if MSCI shifts its criteria, passive funds tracking the relevant indices could be forced to sell up to $2.8 billion in Strategy shares.
The company’s leadership disputed the idea that it functions as a passive BTC accumulator. In a letter to MSCI dated Dec. 10, Executive Chairman Michael Saylor and CEO Phong Le wrote that Strategy is “an operating enterprise” that issues preferred stock and other instruments to finance additional Bitcoin purchases.
The MSCI decision is looming at a moment when Strategy’s stock has already weakened. The debate over whether the company is closer to a tech firm or a BTC trust has added volatility and tighter scrutiny from both institutional investors and index committees.
How Is Strategy Responding to Market Pressure?
Strategy raised $1.44 billion recently to address concerns about its ability to meet dividend or debt requirements if shares continued falling. “There was FUD that was put out there that we wouldn’t be able to meet our dividend obligations, which causes people to pile into a short Bitcoin bet,” Le said.
The raise was designed to reassure investors that the firm can sustain its financing plans even with a declining share price. It also gives Strategy extra room to continue accumulating Bitcoin at scale. The company has repeatedly used equity and debt issuance to expand its BTC holdings, treating the asset as long-term corporate capital rather than a trading allocation.
At the Bitcoin MENA event in Abu Dhabi, Saylor said he has been meeting with sovereign wealth funds, bankers and family offices to pitch Bitcoin as “digital capital” and “digital gold.” He described a developing concept of “digital credit” built on top of BTC, arguing it could deliver yield without the same volatility typically associated with Bitcoin exposure.
Investor Takeaway
MSCI’s classification call may be more consequential for Strategy than the Nasdaq review. A forced passive unwind would hit liquidity and could heighten volatility.
What Comes Next for Strategy and Its Index Status?
Keeping its Nasdaq 100 seat removes one immediate risk, but the larger test is still ahead. The MSCI review touches on a deeper issue: whether markets treat Strategy as an operating company or as a proxy for direct Bitcoin exposure. The answer will influence how much passive capital can remain invested.
Strategy’s approach — raising funds and converting them into Bitcoin — places it in a rare category with few direct comparables. That uniqueness secures attention but also leaves the firm exposed to rule changes across global index providers.
If MSCI enforces a strict asset-composition threshold, Strategy could face selling pressure early next year. If not, the company retains its unusual but influential role as a public-market vehicle tied to Bitcoin accumulation.