Here’s a bold statement: the company that’s become synonymous with Bitcoin hoarding, Strategy (formerly MicroStrategy), has managed to hold its ground in the prestigious Nasdaq 100 index—despite growing skepticism about its unconventional business model. But here’s where it gets controversial: is Strategy a tech innovator or just a high-stakes Bitcoin investment fund in disguise? Let’s dive in.
On December 12, Reuters reported that Strategy, led by its executive chairman and co-founder Michael Saylor, retained its spot in the Nasdaq 100. This comes at a time when analysts are openly questioning whether the company’s buy-and-hold Bitcoin strategy—which has inspired countless imitators—truly aligns with the tech-focused ethos of the index. Saylor, photographed at the 'Bitcoin Treasuries Unconference' in New York City on September 17, 2025, has become the face of this polarizing approach. And this is the part most people miss: Strategy’s inclusion in the Nasdaq 100 under the technology sub-category last December was a significant win, but it’s now under scrutiny as the line between tech innovation and speculative investing blurs.
The debate doesn’t stop there. Some market observers argue that Strategy’s model more closely resembles that of an investment fund than a traditional tech company. This has sparked concerns about the sustainability of crypto treasury companies, whose stock prices often swing wildly in response to Bitcoin’s volatility. For instance, while Strategy remains in the Nasdaq 100, other companies like Biogen, CDW Corporation, and Lululemon Athletica were removed from the index, making room for new entrants such as Alnylam Pharmaceuticals and Seagate Technology.
Here’s the kicker: even global index provider MSCI has voiced concerns about including digital-asset treasury companies in its benchmarks. MSCI is set to decide in January whether to exclude Strategy and similar firms, potentially reshaping how these companies are classified in the broader market. The Nasdaq changes, meanwhile, are expected to take effect on December 22, leaving investors and analysts alike on the edge of their seats.
Strategy’s journey is particularly noteworthy. Founded as a software company, MicroStrategy, it pivoted to Bitcoin investing in 2020, betting big on the cryptocurrency’s future. This bold move has paid off in some ways, but it’s also invited criticism. Are companies like Strategy paving the way for a new era of corporate treasury management, or are they simply riding the crypto wave at the expense of their core business identity?
What do you think? Is Strategy’s place in the Nasdaq 100 justified, or does its Bitcoin-centric model make it a misfit in a tech-focused index? Let us know in the comments—this is one debate that’s far from over.
