Bitcoin giant Strategy kept its spot in the Nasdaq 100 on Friday, holding its year-long run inside the index while debate keeps piling up over how the company operates.
The firm’s entire model sits on buying and holding Bitcoin, a move that kicked off in 2020 when the old MicroStrategy name was dropped for a full pivot into digital assets. That shift now shapes everything the company does, and it has raised fresh questions from analysts who say the structure looks a lot like an investment fund.
Those concerns keep spreading because shares of crypto treasury firms still react sharply to every move in the token’s price.
Two things happened at once. Nasdaq confirmed that Biogen, CDW Corporation, Globalfoundries, Lululemon Athletica, On Semiconductor, and Trade Desk are leaving the benchmark.
It also confirmed new additions, including Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate Technology, and Western Digital. The upcoming reshuffle takes effect on December 22.
The Nasdaq 100 captures the largest non-financial companies listed on the exchange, so Strategy’s position signals how large its market value has become, even with its Bitcoin-heavy balance sheet.
MSCI reviews Strategy’s future in its indexes
Global index provider MSCI is reviewing whether to remove Strategy and similar digital-asset treasury firms from its benchmarks. The group will decide in January.
Analysts say this could reshape how investors approach companies that keep most of their value in tokens. MSCI raised concerns over whether these firms still fit the structure of traditional equity indexes. Its January decision lands around the same time, Strategy fights pressure from falling Bitcoin prices and rising market doubts.
A 12-page letter sent Wednesday by Executive Chairman Michael Saylor and CEO Phong Le contested MSCI’s proposal. Saylor called the idea “misguided” and “harmful.”The letter listed objections tied to technology, accounting, and political environment.
Strategy argued that MSCI’s rule, which targets companies holding crypto worth more than half of total assets, “arbitrarily singles out digital asset businesses for uniquely unfavorable treatment.” The firm holds about $61 billion worth of Bitcoin, over 85% of its enterprise value.
The letter warned of “profoundly harmful consequences” if MSCI proceeds. The company said the rule ignores volatility and other balance-sheet factors that shape how large holdings behave.
Saylor and Le said the move clashes with the crypto-friendly approach of President Donald Trump’s administration, pointing to the executive order promoting digital financial technology. They wrote that the proposal “rests on an incorrect understanding of the business model of DATs like Strategy” and that exclusion would “undermine the federal government’s goal of promoting digital assets while stifling innovation, impeding economic development, and harming national security.”
Index pressure grows as investors watch outflows risk
The issue comes with real market weight. JPMorgan analysts wrote last month that as much as $2.8 billion could leave Strategy if MSCI removes it from indexes, with even larger outflows possible if other providers follow. The bank also said that markets already priced in the risk of exclusion, which means the January call could trigger upside if MSCI backs off. But removal would still force passive investors to exit.
Strategy’s letter also pushed back on the idea that the company acts as a wrapper for Bitcoin. It said the firm “actively uses the Bitcoin it holds to create returns for shareholders.” It said the business should not be grouped with passive vehicles because it runs technology efforts designed to generate value. The company also argued that MSCI’s plan goes against its role as a neutral standard-setter, saying it would “raise concerns about the neutrality of MSCI’s indices.”
Another crypto treasury firm, Strive Asset Management, run by CEO Matt Cole, filed its own response. Cole wrote that Strive delivers investor value by holding Bitcoin and that index providers should not take positions on whether such business strategies succeed.
Strategy, founded in 1989, helped set the template for digital-asset treasury firms.
The model became one of the biggest trends in public markets when share prices surged and big names, including Peter Thiel and members of the Trump family, joined the rush. Many of those companies have since dropped in value, leaving several worth less than the Bitcoin they own.
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