Strategy Retains Its Place in the Nasdaq 100 Index

• Strategy has remained in the Nasdaq 100 after its annual rebalancing.
• The company’s bitcoin strategy continues to be controversial among analysts and index providers.
• MSCI is considering excluding cryptocurrency companies from its indices.

Strategy (formerly MicroStrategy) has retained its place in the Nasdaq 100 index following its annual rebalancing. The changes will take effect on December 22, 2025.

As part of the index rebalancing, six companies were removed and three were added. However, Strategy managed to remain among the participants, although many analysts allowed its removal from the list.

Strategy originally operated as a provider of business intelligence software. In 2020, the company changed its strategy, making bitcoin a key balance sheet asset. It has since accumulated 660,624 BTC, making it the largest public corporate holder of the first cryptocurrency.

Unlike most Nasdaq 100 companies, Strategy’s financial performance is directly tied to the performance of bitcoin. This has drawn criticism from a number of analysts, who view the company as a cryptocurrency investment vehicle rather than a traditional technology business.

The Nasdaq 100 index focuses on non-financial companies, and the Strategy’s classification remains a matter of debate.

Index provider MSCI has previously expressed concern about cryptocurrency companies. It is expected to decide in January 2026 on the possible exclusion of such entities from its benchmarks.

Strategy, for its part, says that the company is a going operating business and not an investment fund. According to the company, this has allowed it to retain its place in the indices as a technology firm.

Amid market volatility, Strategy co-founder Michael Saylor once again hinted at a possible bitcoin purchase. He published a social media post with “orange dots,” a traditional signal of an impending deal. According to SaylorTracker, the last purchase of the company took place on December 12 and amounted to 10 624 BTC.

Recall, we wrote that Strategy promised not to sell bitcoin until 2065.