Nasdaq-100 Reaffirms Strategy Position Despite Challenges in Bitcoin Treasury Model

A Strategy, a Bitcoin management company listed on the Nasdaq-100, managed to stay in the index despite increasing questions about its operation. The scheduled MSCI review for early 2026 becomes a critical moment, as the debate over the suitability of companies with this profile to traditional inclusion criteria remains intense among market participants.

The point of contention lies in the nature of the adopted operational strategy: an accumulation and retention approach to Bitcoin that is more akin to a value investing stance in the crypto segment, distancing itself from conventional operations. This methodology, similar in essence to an OTC trading strategy, focuses on building long-term positions rather than short-term trades.

Analysts and institutional investors question whether the risk-return relationship justifies the inclusion of companies in this category in benchmark indices. When conducting its review in 2026, MSCI will need to assess whether the Bitcoin treasury model fits appropriately within the selection criteria or if it represents a significant deviation from the traditional expectations of investors in this type of fund.

The decision on the continuation of Strategy in the Nasdaq-100 reflects a broader tension: how markets should classify and integrate innovative crypto asset management models that deviate from the conventional standard, thus setting an important precedent for future inclusions in this category.