According to a Reuters report yesterday (13th), Strategy (formerly MicroStrategy), the world's largest holder of Bitcoin holdings among listed companies, successfully retained its place in the Nasdaq 100 index on Friday, thus continuing its membership in this benchmark index for another year.
This is the company's first annual test since joining the Nasdaq 100 in December 2024. Despite previous analyst concerns that its declining stock price and Bitcoin reserve model might lead to its removal, nothing changed. The decision was announced on December 12 and will officially take effect on December 22. Strategy will remain in this benchmark index for heavily weighted technology stocks.
Michael Saylor: Will continue to accumulate Bitcoin
In response to this good news, Strategy founder Michael Saylor also posted on the X platform, firmly reiterating the company's determination to hold Bitcoin for the long term. He publicly stated that he will continue to accumulate Bitcoin until the market stops complaining.
Market concerns have not dissipated.
However, market concerns about micro-strategies have not dissipated. Many analysts and market observers believe that Strategy's "buy and hold Bitcoin" strategy makes it more like a leveraged Bitcoin investment vehicle or closed-end fund than a traditional software or operating company. As of December 2025, its Bitcoin holdings exceeded 660,000, far surpassing the company's other assets, sparking an ongoing debate about its suitability for inclusion in mainstream stock indices.
Meanwhile, concerns are growing about the long-term sustainability of "digital asset treasury companies" that hold large amounts of crypto assets, especially given the anticipated increased volatility in Bitcoin prices in 2025. Because these companies' stock prices are highly correlated with Bitcoin, their volatility risk is easily amplified.
In addition to the Nasdaq 100 index, global index provider MSCI is currently evaluating whether to remove companies with more than 50% of their assets in crypto assets (including Strategy) from its main indices (such as MSCI USA and MSCI World), arguing that such companies may be closer to investment funds than operating companies.
Despite Strategy's formal letter of objection and active communication with MSCI, the outcome remains uncertain, with the final decision expected to be announced on January 15, 2026 (if implemented, it will take effect during the February index adjustment). Overall, Strategy's position in the Nasdaq 100 has stabilized in the short term, but MSCI's decision will be a key point to watch in early 2026.
