Strategy retained its position in the Nasdaq 100 following the index’s annual rebalancing, marking its first successful review since joining the benchmark in December last year and signalling continued acceptance by major equity indices.
The company, formerly known as MicroStrategy, stood out during the rebalance due to its unconventional balance sheet, which is heavily weighted towards Bitcoin (CRYPTO:BTC) rather than traditional operating assets.
Strategy has become the world’s largest corporate holder of Bitcoin, reinforcing its identity as a high-profile proxy for institutional exposure to the digital asset market.
The firm’s latest acquisition of 10,624 Bitcoin, purchased for approximately $962.7 million last week, lifted its total holdings to 660,624 BTC, valued at close to $60 billion at current market prices.
Despite its retention, Strategy’s shares closed the session down 3.74%, extending a recent downward trend that has seen the stock fall more than 15% over the past month.
The Nasdaq 100 rebalance resulted in the removal of Biogen, CDW, GlobalFoundries, Lululemon, On Semiconductor and Trade Desk, while Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate and Western Digital were added, according to Reuters.
Strategy’s continued inclusion comes as MSCI reviews whether companies with crypto holdings exceeding 50% of total assets should remain eligible for certain equity indices.
The review has intensified debate over whether firms like Strategy should be treated as operating companies or as investment vehicles primarily designed to accumulate digital assets.
JPMorgan has warned that up to $2.8 billion worth of Strategy shares held by passive funds could face forced selling if MSCI moves to exclude such companies as early as January.
Strategy’s leadership has challenged this interpretation, arguing that the firm operates an active financing model rather than passively holding Bitcoin on its balance sheet.
In a letter to MSCI dated 10 December, Executive Chairman Michael Saylor and chief executive Phong Le said the company issues preferred stock and other instruments to fund its operations and acquisitions.
Strategy recently raised $1.44 billion to address market concerns over its ability to meet dividend and debt obligations during periods of share price weakness.
“There was FUD that was put out there that we wouldn’t be able to meet our dividend obligations, which causes people to pile into a short Bitcoin bet,” Phong Le said.
Speaking at the Bitcoin MENA event in Abu Dhabi, Saylor said he has been engaging with sovereign wealth funds, bankers and family offices to position Bitcoin as “digital capital” and “digital gold”.
Saylor also argued that a new layer of “digital credit” built on Bitcoin could generate yield with reduced volatility, reinforcing Strategy’s long-term push to attract deeper institutional participation in the crypto market.
At the time of reporting, Bitcoin price was $90,250.14.