Bitcoin-Tied Strategy Stays in Nasdaq 100 Amid Skepticism Over Business Model as MSCI Eyes Possible Exclusion

Reuters reported on December 13 that Strategy, the publicly traded Bitcoin treasury company, will retain its seat in the Nasdaq 100 index, extending its one-year tenure as a constituent stock. The move aligns with index rules while drawing renewed scrutiny from analysts over Strategy’s business model, which centers on a long-spot Bitcoin holding strategy rather than traditional operational activities.

Market observers characterize Strategy‘s approach as akin to an investment fund, given its emphasis on buying and holding Bitcoin and the proliferation of imitators. This framing adds questions about sustainability within the crypto asset treasury ecosystem, as investor sentiment remains highly correlated with Bitcoin price fluctuations.

Global index provider MSCI has voiced concerns about including digital asset treasury firms in its framework; a January decision on potential exclusions for Strategy and peers could influence index composition and related fund flows.