Strategy (formerly MicroStrategy) has retained its position in the Nasdaq 100, extending its year-long inclusion in the benchmark — even as analysts continue to question the sustainability of its bitcoin-heavy business model.
Strategy pioneered the bitcoin treasury strategy in 2020, shifting from enterprise software into a buy-and-hold bitcoin model that has since inspired dozens of corporate imitators. Critics argue the company now resembles an investment vehicle more than an operating business, with its stock highly sensitive to bitcoin price swings.
🔹 Index Changes
While Strategy remains in the Nasdaq 100, the index will remove:
Biogen, CDW, GlobalFoundries, Lululemon, On Semiconductor, and Trade Desk
New additions include:
Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate Technology, and Western Digital
The changes take effect on December 22.
🔹 Broader Index Scrutiny
Global index provider MSCI has also flagged concerns over the inclusion of digital-asset treasury companies in major benchmarks and is expected to decide in January whether Strategy and similar firms should remain eligible.
For now, Strategy’s continued presence underscores how deeply crypto-linked business models have penetrated mainstream equity indices, even as debate intensifies over classification, volatility, and long-term fundamentals.