Strategy has survived the Nasdaq 100’s annual rebalancing, maintaining its position despite growing scrutiny over its Bitcoin-heavy business model. Originally a business intelligence firm, Strategy pivoted in 2020 to accumulating Bitcoin as its core treasury asset and now holds over 660,000 BTC valued at nearly $60 billion.
Unlike most companies in the index, Strategy’s stock performance is closely linked to Bitcoin price movements. This has sparked debate among analysts, with some arguing the firm resembles a Bitcoin investment vehicle rather than a traditional operating business. The Nasdaq 100 excludes financial firms, meaning a reclassification could threaten Strategy’s inclusion.
Index provider MSCI has already flagged concerns about crypto treasury companies and is expected to issue guidance in January. Strategy has pushed back, arguing it remains an operating tech company. While it has retained its Nasdaq position for now, future index decisions could reshape how crypto-focused firms are treated in global benchmarks.
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