Strategy retained its place in the Nasdaq 100 after the index’s annual reconstitution announced, a result that keeps the company inside a key benchmark despite questions over its asset mix. The outcome comes as Strategy faces a parallel review by MSCI and continues to be judged primarily on its large Bitcoin holdings.
The Nasdaq 100 is a benchmark of the 100 largest non‑financial companies listed on Nasdaq; the index’s annual reconstitution adjusts membership to reflect market capitalizations and eligibility rules. Strategy’s entry in December 2024 and its subsequent focus on accumulating Bitcoin have prompted debate over whether the company remains a traditional technology firm or resembles an investment vehicle.
Critics point to the shift in corporate assets and business emphasis; analysts argue that heavy exposure to a single digital asset increases index‑eligibility risk. The company has pushed back, saying it issues unique funding instruments to support its purchases and describing those as “digital credit instruments,” a characterization it uses to place its operations closer to operating financial firms than to passive crypto holders.
MSCI is conducting a separate review to determine whether companies whose primary business is acquiring cryptocurrencies should be excluded from its global indices; the review targets firms where digital assets amount to at least 50% of total assets and is expected to reach a decision by January 15.
Why Strategy inclusion drew scrutiny
Nasdaq announced the roster changes that will take effect prior to the market open on December 22, 2025. Six companies will join the index—Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate Technology and Western Digital—while six will be removed: Biogen, CDW, GlobalFoundries, Lululemon, On Semiconductor and Trade Desk. For this cycle, Nasdaq did not publicly flag any review of Strategy’s eligibility tied to its crypto holdings.
Market reaction to Strategy’s business mix has been pronounced: by December 2025 the stock had fallen roughly 65% from its 2024 peak and about 36% year‑to‑date, a performance analysts attribute to a strong correlation with Bitcoin price swings. Prior analysis suggested that a removal from major indices could trigger passive outflows estimated between $1.5 billion and $2.8 billion, a level that would materially affect liquidity and valuation for the stock.
Strategy’s survival of the Nasdaq 100 rebalancing removes an immediate index‑related disruption but leaves open a near‑term governance and classification question.
