MicroStrategy's Bitcoin Accumulation Strategy Remains in the Nasdaq 100 Index

Despite significant changes in the composition of the Nasdaq 100 this year, MicroStrategy (MSTR) continues to remain in the prestigious index. The company, known for implementing a unique strategy of accumulating Bitcoin as its core business model, has achieved stability in the index while other established names have exited the listing.

From Software Leader to Bitcoin Treasury Powerhouse

MicroStrategy was originally a software company offering business intelligence solutions. However, in 2020, the company made a significant shift in its business direction and began investing heavily in Bitcoin. This strategic pivot transformed MicroStrategy from a traditional technology company into a Bitcoin treasury player.

To date, the company has built substantial Bitcoin holdings totaling 660,624 BTC. With current market conditions where BTC hits $78,790 per coin, the value of MSTR’s Bitcoin reserves has surpassed $52 billion—a large portion of the company’s market capitalization. This aggressive accumulation strategy has become the foundation of investor interest in MSTR stock.

Index Provider Concerns and Industry Debate

Not everyone agrees with this business model. Many analysts and index providers have raised concerns about classifying MicroStrategy as a traditional technology company. Their main criticism is that MSTR operates more like an investment vehicle focused on Bitcoin rather than an operating business delivering traditional products and services.

MSCI, one of the leading index providers worldwide, has issued a warning that crypto treasury companies like MSTR could be removed from their benchmark indices. The proposed removal poses a threat to billions of dollars worth of index funds tracking MSCI benchmarks. MicroStrategy responded to these concerns, arguing that the company is an operating business with a legitimate crypto strategy—not just a simple investment fund.

Nasdaq 100 Rebalance: Why MSTR Remains Stable

The annual rebalance of the Nasdaq 100 index is one of the key adjustments in market structure. In the 2025 rebalance effective December 22, six companies were removed from the index, including Biogen, Lululemon, and Trade Desk. Three new companies were added: Alnylam Pharmaceuticals, Ferrovial, and Seagate Technology.

However, amidst these changes, MicroStrategy remains part of the Nasdaq 100. This is a significant signal to the market that the company continues to be recognized as a legitimate Nasdaq-listed security, even though its business model differs from traditional technology companies. This stability provides confidence to institutional investors that MSTR is not imminent to be removed from major indices.

The Future of Crypto Treasury Companies in the Market Landscape

The case of MicroStrategy reflects a larger tension in today’s financial markets. As Bitcoin adoption at the institutional level grows, new types of companies using crypto accumulation as a core strategy are emerging. Index providers need to find a balance between innovation and classification standards.

MSCI is expected to release an official decision in January on how they will handle crypto treasury companies in their indices. This decision has the potential to set a precedent for the entire industry and determine how companies like MicroStrategy will be viewed in future market frameworks.

MSTR’s ability to remain in the Nasdaq 100 demonstrates that accumulation strategies have a legitimate place in modern market infrastructure, and Bitcoin accumulation is not just a temporary trend but a long-term business approach recognized by major stock exchanges.