Strategy (MSTR) will remain in the Nasdaq 100 Index after the latest annual rebalancing, preserving its position despite ongoing debate over its transformation into what many analysts now describe as a “de facto Bitcoin investment vehicle.”
The updated index composition takes effect on December 22, 2025, and arrives at a moment when both institutional investors and index providers are reassessing how to classify companies that hold large digital asset positions on their balance sheets.
Strategy Stays in the Nasdaq 100
Strategy secured its Nasdaq 100 seat in December 2024, and despite pre-rebalance speculation that its Bitcoin-centric model might disqualify it, the company survived this year’s reshuffle. Other firms were not as fortunate, Biogen and CDW Corporation were removed, yet Strategy’s high market capitalization and liquidity ensured it remained above the threshold.
The company’s strategic pivot began in August 2020, when it abandoned its traditional focus on enterprise analytics software and adopted Bitcoin as its primary corporate treasury asset. Since then, MSTR’s market behavior has mirrored the price of Bitcoin, elevating questions about whether the company still fits the criteria of a technology operator rather than a Bitcoin-leveraged financial entity.
Despite those concerns, the Nasdaq has allowed the company to retain its classification, at least for now.
Why MSCI’s Review Matters More
While Strategyy’s position in the Nasdaq 100 is secure in the short term, the more consequential risk comes from MSCI, one of the world’s most influential index providers.
In September 2025, MSCI launched a consultation asking market participants whether “Digital Asset Treasury Companies”, firms that primarily raise capital to buy Bitcoin or other digital assets, should remain in broad equity indexes. The review directly targets companies like Strategy, which has repeatedly issued convertible notes, preferred shares, and other financing instruments specifically to expand its Bitcoin holdings.
A final decision is expected on January 15, 2026.
Strategy’s Defense: “We Are an Operating Company, Not a Bitcoin Fund”
Strategy executives, including Executive Chairman Michael Saylor and CEO Phong Le, submitted a formal letter to the MSCI Equity Index Committee arguing that the company should remain eligible.
Their core argument:
- Strategy issues digital credit instruments and uses the proceeds to expand its Bitcoin reserves.
- These instruments function similarly to the capital-raising strategies of banks and insurance companies, which routinely issue debt to support portfolio strategies.
- The company continues to operate a software business, and therefore should not be classified as an investment fund or excluded from equity benchmarks.
The outcome of this review will have major implications for the stock.
Potential Impact: Over $1.5 Billion in Forced Selling
If MSCI ultimately removes Strategy from its major indexes, the impact could be immediate and material.
Passive funds that track MSCI benchmarks may be required to sell more than $1.5 billion worth of MSTR shares. Such flows could weigh heavily on a stock that already trades in close correlation with Bitcoin’s volatility.
The decision also matters symbolically: MSCI’s ruling may set a global precedent for how public markets classify companies with digital-asset-driven strategies.
What Comes Next
Strategy’s continued inclusion in the Nasdaq 100 provides short-term stability, but the larger question, how global index providers should treat Bitcoin-focused corporations, remains unresolved. With MSCI’s final decision only weeks away, MicroStrategy now faces a crossroads that could shape both its investor base and its long-term role in traditional equity markets.
