Strategy Retains Nasdaq 100 Index Index Revision
Date: 2025-12-16 Author: Henry Casey Categories: BUSINESS
Following the annual rebalancing of the Nasdaq 100 index, Strategy retained its place on the list of the largest non-financial corporations. The updated index parameters will take effect on December 22, 2025. During the rebalancing, six issuers were removed from the list and three new members were added, but Strategy managed to remain among the index's constituents, contrary to expectations in the analytical community.
Strategy was previously known as a developer of business analytics software solutions. However, in 2020, the company's management made a strategic decision to radically change its approach to balance sheet management, making Bitcoin a key reserve asset. Since then, Strategy has systematically increased its position in Bitcoin and currently holds 660,624 BTC, making it the largest publicly traded corporate Bitcoin holder in the world.
This transformation of its business model has sparked heated debate in the market. Unlike most Nasdaq 100 participants, Strategy's financial results are significantly correlated with Bitcoin price fluctuations. This has drawn criticism from analysts, who view the company not as a traditional technology firm, but as an indirect investment vehicle for cryptocurrency. Whether Strategy complies with the principles of index formation, focusing on non-financial companies, remains a subject of professional debate.
Additional pressure on the sector is being exerted by the position of index providers. MSCI, for example, previously warned of the risks associated with including crypto treasury companies in its benchmarks. It is expected that in January 2026, the organization may decide to revise its methodology and possibly exclude such entities from the indices, which would potentially affect Strategy.
The company itself emphasizes that, despite its significant Bitcoin balance sheet, Strategy continues to conduct full-fledged operations and is not an investment fund. Company representatives insist that its core business remains technology, and Bitcoin is viewed as a long-term strategic asset. It is this approach, according to management, that has allowed Strategy to maintain its place in the Nasdaq 100 following the current rebalancing.
Amid ongoing crypto market volatility, Strategy co-founder Michael Saylor has once again sparked speculation about a possible expansion of his Bitcoin holdings. He posted a message on social media featuring so-called "orange dots," which are traditionally interpreted by the market as a hint that he is preparing for a new purchase. According to SaylorTracker, the company's last transaction took place on December 12 and amounted to 10,624 BTC.
Strategy also previously announced its intention not to sell its accumulated Bitcoin until at least 2065, confirming its commitment to its chosen long-term strategy.
