Bitcoin treasury Strategy will remain on the Nasdaq 100 after the prestigious index on Friday announced its annual reshuffle.

Some analysts had raised concerns that the software company — previously known as MicroStrategy — may be removed from the list after its stock took a hit this year. Strategy joined the Nasdaq 100 in December 2024 following a boom in its share price.

Strategy shares (NASDAQ: MSTR) are down over 40% year-to-date and market observers have said the company may be overleveraged.

Strategy, once a sleepy software company, started buying Bitcoin in 2020 as an inflation hedge and to get better returns for its investors during the Covid-19 pandemic.

The company has since remarketed itself as a Bitcoin treasury firm: people can buy its stock and get exposure to the biggest and oldest cryptocurrency. The company issues debt so it can buy more digital coins and is the largest corporate holder of the asset, with 660,624 Bitcoins worth $59.5 billion at today’s prices.

Hundreds of other publicly traded companies have adopted the Strategy play, buying Bitcoin and other digital coins and tokens to try and get higher stock prices.

And a number of companies did see large gains in share prices until the crypto market experienced increased volatility this year.

A report from BitcoinTreasuries.net this week showed that approximately 60% of Bitcoin treasuries are now underwater on their purchases.

Strategy’s stock has rocketed by over 1,120% since it adopted its Bitcoin buying masterplan in August 2020.

But depressed crypto prices in 2025 have caused the company’s equity to drop from its November 2024 record of nearly $474. It closed Friday trading at a little over $176 per share.

Bitcoin is now nearly 30% below its October all-time high of $126,080. At nearly $90,180 per coin, the leading digital asset is now down — albeit by just 4% — year-to-date.