MicroStrategy Retains Spot in Nasdaq 100 Amid December 2025 Rebalancing
The Nasdaq 100 index underwent its annual rebalancing, which takes effect on December 22, 2025, resulting in six companies being dropped and three added. Among the changes, Biogen, Lululemon, and Trade Desk were removed, with Alnylam Pharmaceuticals, Ferrovial, and Seagate Technology joining the index. Despite the reshuffle, MicroStrategy, also known as Strategy, maintained its inclusion in the Nasdaq 100.
MicroStrategy's continued presence is notable due to its bitcoin-heavy approach. Originally a software provider, the company pivoted in 2020 to accumulate bitcoin, now holding 660,624 BTC valued at approximately $59.55 billion. Its market performance is closely tied to bitcoin's price fluctuations. This status helped secure its spot in the index amid debate over the classification of crypto treasury companies.
The Nasdaq 100 focuses on non-financial firms, and the classification of crypto-treasury companies has raised questions about their eligibility for inclusion. MSCI is considering excluding such companies from benchmarks, with a decision expected in January. MicroStrategy argues it is an operating business rather than an investment fund, bolstering its eligibility. Strategy was initially added to the Nasdaq 100 last December.
