Strategy stays in the Nasdaq-100 as Michael Saylor defends Bitcoin-heavy treasury amid scrutiny from index providers and critics.
Strategy Inc. (Nasdaq: MSTR) has maintained its position in the Nasdaq-100, reinforcing its corporate commitment to Bitcoin despite scrutiny over crypto-linked business models.
Executive Chairman Michael Saylor responded to the news with a pointed statement: “The Bitcoin hoarding will continue until the complaining stops.” The comment follows renewed discussion over the role of digital asset-heavy firms in traditional market indices and their long-term standing within equity benchmarks.
Bitcoin-Centric Treasury Strategy Meets Nasdaq Criteria
The annual Nasdaq-100 reconstitution confirmed Strategy’s continued eligibility, even as the company’s primary asset remains Bitcoin.
The index tracks 100 of the largest non-financial companies listed on Nasdaq and is adjusted annually based on market capitalization and liquidity. Strategy qualified under this rules-based methodology, despite speculation that its crypto exposure might lead to exclusion.
Analysts have frequently debated whether Strategy ‘resembles more of a Bitcoin investment fund than an operating company.
With 660,624 BTC currently held on its balance sheet, the firm’s business model significantly ties its equity performance to the crypto market. However, Nasdaq’s selection process focuses on objective eligibility standards, allowing Strategy to remain within the index.
JUST IN: 🇺🇸 Michael Saylor’s STRATEGY retains its spot in the Nasdaq 100 – Reuters pic.twitter.com/9o2nMpPaxy
— Bitcoin Archive (@BitcoinArchive) December 13, 2025
The company’s inclusion comes amid warnings from other index providers like MSCI. These organizations have signaled possible future exclusions for companies with concentrated crypto exposure beginning in 2026.
While Nasdaq has not yet changed its rules, the contrast between index methodologies highlights the growing complexity of integrating digital asset firms into mainstream financial benchmarks.
Saylor Defends Strategy’s Long-Term Bitcoin Commitment
Michael Saylor, who transitioned from CEO to Executive Chairman in 2022, continues to lead Strategy’s Bitcoin accumulation strategy. Since adopting Bitcoin as its treasury reserve asset in 2020, Strategy has increased its holdings substantially.
At current prices, the firm’s Bitcoin portfolio is valued at approximately $59 billion, more than half its total market capitalization.
Saylor’s public remarks, including his recent “Bitcoin hoarding” comment, underscore the company’s unwavering stance. The phrase was shared alongside a Reuters article explaining why Strategy remained in the Nasdaq-100 despite concerns about its BTC-focused balance sheet.
The company’s average acquisition cost remains well below market price, indicating long-term positioning rather than speculative intent.
This approach, while controversial, has attracted both criticism and support. Market participants who favor exposure to Bitcoin often use a Strategy as a proxy investment. Others remain skeptical of a business model so closely tied to a volatile asset class.
Saylor, however, maintains that Bitcoin offers a durable alternative to traditional fiat reserves, especially amid inflationary concerns and shifting monetary policy.
Related Reading: Bitcoin Holds $90K as FOMO Grows, But Fed Threatens to Derail Rally
Institutional and Regulatory Landscape Remains Uncertain
Strategy’s continued presence in the Nasdaq-100 highlights how corporate Bitcoin adoption has evolved in mainstream finance.
Yet, concerns persist among regulators and index providers regarding the long-term viability of such models within structured benchmarks. MSCI’s position reflects growing caution, suggesting that stricter eligibility rules could emerge across financial products.
JUST IN: Michael Saylor says, “The #Bitcoin hoarding will continue until the complaining stops.” 🙌 pic.twitter.com/O06lrHyOVG
— Bitcoin Magazine (@BitcoinMagazine) December 13, 2025
Despite this uncertainty, Strategy’s retention in the index may influence other firms considering Bitcoin as a treasury asset. Inclusion in a primary benchmark index provides increased visibility, access to passive investment flows, and a measure of institutional legitimacy.
However, the sustainability of this approach depends on evolving regulatory guidelines and investor sentiment.
As digital assets gain wider acceptance, the balance between compliance and innovation will shape how firms like Strategy operate. While Saylor continues to double down on Bitcoin, other companies may adopt more diversified strategies to manage risk.
In the meantime, Strategy’s position remains unchanged both in the Nasdaq-100 and in its conviction that Bitcoin is central to its long-term value proposition.
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