New York: Strategy Inc., the bitcoin-heavy company formerly known as MicroStrategy, has maintained its position in the Nasdaq 100 index for another year, despite ongoing debate over the firm’s unconventional business model. Its inclusion in the benchmark, which tracks the 100 largest non-financial firms listed on Nasdaq, highlights the growing intersection between digital assets and traditional equity markets. The decision underscores investor confidence in the company’s unique approach, even as analysts question the long-term sustainability of its bitcoin-centric strategy.
Originally recognized as a software and business intelligence provider, Strategy underwent a major strategic shift in the early 2020s under the leadership of executive chairman Michael Saylor. The company embraced a bold strategy of purchasing and holding bitcoin, rapidly accumulating one of the largest corporate bitcoin treasuries globally. This transformation has sparked discussion about whether Strategy functions more as a crypto investment entity than a conventional technology company, raising questions about its alignment with the typical Nasdaq 100 profile.
Market analysts have noted that Strategy’s share performance has become closely linked to bitcoin price fluctuations, creating volatility not traditionally associated with tech firms. Critics feared this could jeopardize the company’s place in major indices, yet the latest Nasdaq reshuffle confirmed Strategy’s continued inclusion. The annual revision also saw several other companies exit the Nasdaq 100, while new entrants including Alnylam Pharmaceuticals, Seagate Technology, and Western Digital replaced them.
The firm’s ongoing presence in the index comes amid broader industry discussions about how companies with significant cryptocurrency holdings should be treated in traditional equity benchmarks. Index providers such as MSCI are reportedly reviewing policies on crypto-heavy firms, with a decision anticipated in early 2026. Supporters of Strategy’s approach argue that excluding such companies could disrupt passive investment flows and reduce institutional exposure to bitcoin, while skeptics warn that including crypto-focused firms risks diluting the thematic integrity of technology indices.
As Strategy continues to integrate digital assets into its core operations while remaining part of mainstream equity indices, the company exemplifies the challenges and opportunities presented by the convergence of emerging financial technologies and traditional markets. Investors and analysts will closely monitor both the company’s performance and regulatory decisions in the coming months, which could influence how crypto-aligned firms are classified in major investment benchmarks.