Strategy Inc., formerly MicroStrategy, has successfully passed the annual rebalancing of the Nasdaq-100 Index. Despite holding 660'624 BTC valued at approximately USD 59 billion, the company remains part of the index.
Nasdaq announced on 12 December 2025 that the adjustments will take effect on 22 December – Strategy was once again confirmed as one of the 100 constituent companies. Retaining its index membership marks an important milestone for the company led by Executive Chairman Michael Saylor. Strategy now holds 3.15 percent of the total Bitcoin supply and is considered the world’s largest institutional Bitcoin investor. The average acquisition cost of the 660'624 BTC amounts to USD 74'696 per coin, with total investments of USD 49.35 billion.
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Six companies leave the index
As part of this year’s rebalancing, Nasdaq is removing six companies from the index: Biogen Inc., CDW Corporation, GlobalFoundries Inc., Lululemon Athletica Inc., ON Semiconductor Corporation, and The Trade Desk Inc. Replacements include Alnylam Pharmaceuticals, Ferrovial SE, Insmed Incorporated, Monolithic Power Systems, Seagate Technology Holdings, and Western Digital Corp.
The Nasdaq-100 serves as the basis for more than 200 exchange-traded products with assets under management exceeding USD 600 billion, including the well-known Invesco QQQ Trust. The annual rebalancing follows a rules-based process primarily driven by market capitalization and liquidity. Strategy met these criteria despite the unusual composition of its balance sheet.
Strategy’s stock (ticker: MSTR) experienced significant volatility in 2025. Following the rebranding from MicroStrategy to Strategy in February 2025, the company continued its aggressive Bitcoin accumulation strategy. Between 1 and 7 December 2025, Strategy acquired an additional 10'624 BTC for USD 962.7 million at an average price of USD 90'615 per coin – the largest single purchase since July 2025.
MSCI decision poses a greater challenge
While the Nasdaq-100 confirmation is positive, Strategy faces a potentially more consequential review by MSCI. The global index provider is conducting a consultation on new rules that would exclude companies whose digital assets account for 50 percent or more of total assets. The final decision will be announced on 15 January 2026, with changes taking effect in February.
Strategy responded to the MSCI proposal with a formal letter. The company described the 50-percent threshold as “discriminatory, arbitrary, and impractical.” In its statement, Strategy argues that digital asset treasury companies like itself operate active businesses that use digital assets as productive capital, not as passive vehicles to track price movements.
"Other industries such as oil, timber, gold, or real estate also concentrate their holdings in a single asset type without being excluded from indices." - Strategy Inc. in its statement to MSCI
Analysts at JPMorgan estimate that exclusion from MSCI indices alone could lead to passive fund outflows of USD 2.8 billion. If other index providers implement similar rules, total outflows could reach up to USD 8.8 billion. The consultation period runs until 31 December 2025.
Bitcoin treasury model under scrutiny
Strategy positions itself as the “world’s first and largest Bitcoin treasury company.” The business model is based on raising capital through measures such as equity offerings and bond issuances and investing the proceeds in Bitcoin. In the first quarter of 2025, the company introduced fair-value accounting for its Bitcoin holdings, resulting in a USD 12.7 billion increase in retained earnings.
The legal name change from MicroStrategy Incorporated to Strategy Inc. was completed on 11 August 2025, after the company had already introduced the “Strategy” brand name on 5 February 2025. The securities continue to trade on the Nasdaq Global Select Market under the established ticker symbols: MSTR for Class A common stock, as well as STRK, STRF, STRD, and STRC for various series of preferred shares.
At the current price of around USD 89'000 per Bitcoin, Strategy’s Bitcoin holdings represent an unrealized gain of approximately USD 11.6 billion. The company has consistently pursued its strategy despite criticism from analysts.
Uncertainty remains
Confirmation in the Nasdaq-100 provides Strategy with short-term stability, but the coming months will be decisive. In addition to the MSCI decision in January 2026, investors are closely watching how other index providers will respond to the Bitcoin treasury model. The debate raises fundamental questions about the classification of companies that hold digital assets as a core component of their corporate strategy.
For the broader crypto market, the MSCI decision could set an important precedent. If Strategy is excluded from global indices, other companies pursuing similar strategies could also be affected. This could potentially undermine the acceptance of Bitcoin as a corporate treasury asset. Market reactions to the January decision will show whether institutional investors continue to support the model over the long term or whether regulatory hurdles will slow the trend.
