TLDR
- Strategy (MSTR) kept its spot in the Nasdaq 100 after the latest rebalancing, extending its presence for over a year
- Six companies including Biogen and CDW Corporation were removed from the index, with six new companies joining
- MSCI is still reviewing whether digital asset treasury companies should stay in its indexes, with a decision expected in January
- Strategy formally objected to MSCI’s proposal, arguing removal could hurt investors
- The stock has fallen 65% from its 52-week high and 36% year-to-date
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Strategy has successfully retained its place in the Nasdaq 100 index following the latest quarterly rebalancing. The Bitcoin-focused company continues its presence in the benchmark more than a year after initially joining.
JUST IN: 🇺🇸 Michael Saylor’s STRATEGY retains its spot in the Nasdaq 100 – Reuters pic.twitter.com/9o2nMpPaxy
— Bitcoin Archive (@BitcoinArchive) December 13, 2025
The Nasdaq 100 removed six companies during this rebalancing cycle. Biogen, CDW Corporation, Globalfoundries, Lululemon Athletica, On Semiconductor, and Trade Desk all got the boot. Six new companies joined to replace them, including Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate Technology, and Western Digital.
Strategy originally entered the Nasdaq 100 in December 2024 under the technology sub-category. The company transformed from MicroStrategy, an enterprise software developer, into a Bitcoin accumulation vehicle in 2020. This pivot has since inspired dozens of other companies to adopt similar treasury strategies.
MicroStrategy Incorporated, MSTR
Some market observers have questioned whether Strategy’s business model fits the profile of a traditional technology company. Critics argue the company operates more like an investment fund. The stock price moves in lockstep with Bitcoin’s fluctuations, raising concerns about classification.
Index Classification Under Scrutiny
The debate over Strategy’s proper classification extends beyond Nasdaq. Global index compiler MSCI is currently reviewing whether digital asset treasury companies belong in its indexes at all.
MSCI plans to announce its decision in January. The review could result in Strategy and similar firms being removed from MSCI’s Global Investable Market Indexes. These indexes influence trillions of dollars in global investments.
Strategy has pushed back against MSCI’s proposed reclassification. The company filed a formal objection stating that removing digital asset treasury companies could harm investors. Bitwise, an asset management firm, has also supported Strategy’s position in this matter.
Market Performance and Financial Impact
Strategy’s stock has experienced steep declines recently. Shares have dropped approximately 65% from their 52-week high. Year-to-date, the stock is down around 36%.
If MSCI decides to remove Strategy from its indexes, analysts predict over $1.5 billion could flow out of passive funds. These funds mechanically track index compositions and must adjust holdings when changes occur.
Bitwise criticized MSCI’s review process, arguing it introduces unnecessary judgment into what should be a rules-based system. The asset manager believes the methodology should follow clear, objective criteria rather than subjective assessments.
The Nasdaq 100 tracks the largest non-financial companies listed on the exchange. Changes from the latest rebalancing take effect on December 22. Strategy’s continued inclusion in this index provides some stability while the MSCI decision remains pending.
