Strategy Keeps Nasdaq 100 Spot Despite Concerns Over Its Bitcoin Holdings

Strategy held on to its place in the Nasdaq 100 during this year’s rebalancing, securing its first successful test in the benchmark since joining the index in December last year.

The company, previously known as MicroStrategy, has become the largest corporate holder of Bitcoin (BTC). With its latest purchase of 10,624 Bitcoin for around $962.7 million last week, Strategy’s total holdings stand at 660,624 BTC, worth nearly $60 billion.

The latest Nasdaq 100 adjustment saw Biogen, CDW, GlobalFoundries, Lululemon, On Semiconductor and Trade Desk removed from the tech-heavy gauge, while Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate and Western Digital entered the lineup, according to Reuters.

Despite remaining in the index, Strategy shares ended the day down by 3.74%. The company’s shares has been in a downtrend as of late, losing over 15% in the past month alone.

Related: MSCI’s Bitcoin snub is like penalizing Chevron for oil: Strategy CEO

MSCI review puts Strategy at risk

Strategy’s inclusion in the Nasdaq 100 stands out not only because its business model is unusual, but because of the mounting debate over whether such companies resemble operating firms or de facto investment vehicles.

Those questions intensified this year as MSCI began reviewing how to classify companies that raise capital primarily to acquire digital assets. The index provider has considered excluding firms whose crypto holdings exceed 50% of total assets, a move that could hit Strategy as early as January. JPMorgan warned that as much as $2.8 billion worth of Strategy shares held by passive funds could be forced to sell if MSCI follows through.

Strategy’s leadership has pushed back. In a letter to MSCI dated Dec. 10, Executive Chairman Michael Saylor and CEO Phong Le argued that the company is not a passive Bitcoin accumulator but an operating enterprise that issues preferred stock and other instruments to finance new purchases.

Related: Bitcoin treasuries stall in Q4, but largest holders keep stacking sats

Strategy raises $1.4 billion to quell FUD

Strategy recently raised $1.44 billion to counter market concerns over its ability to meet dividend and debt obligations if the share price fell further. “There was FUD that was put out there that we wouldn’t be able to meet our dividend obligations, which causes people to pile into a short Bitcoin bet,” Le said.

At the Bitcoin MENA event in Abu Dhabi, Saylor also said he has been meeting with sovereign wealth funds, bankers and family offices to position Bitcoin as “digital capital” and “digital gold.” He argued that a new category of “digital credit” built on top of Bitcoin can deliver yield without the volatility typically associated with the asset, underscoring his push to bring institutional capital into the space.

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