Strategy Retains Nasdaq 100 Spot Amid Bitcoin Strategy Scrutiny

Strategy, the business intelligence software company that has amassed the largest corporate holdings of Bitcoin, retained its position in the Nasdaq 100 index during the annual rebalancing announced on December 12. The changes, which track the performance of 100 large nonfinancial companies listed on the Nasdaq stock exchange, will take effect on December 22.

The reshuffle removed six companies from the index: Biogen, CDW Corporation, GlobalFoundries, Lululemon Athletica, ON Semiconductor and The Trade Desk. In their place, Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate Technology and Western Digital will join. Strategy, which entered the Nasdaq 100 in December 2023, marked its first successful retention amid the process. The company's shares closed down 3.74 percent that day, continuing a downward trend that has seen the stock decline nearly 25 percent over the past month and more than 65 percent from its peak over the last year.

Originally founded as MicroStrategy, the firm pivoted in 2020 toward acquiring Bitcoin as a core treasury strategy, raising capital through debt and equity offerings to fund purchases. Its latest acquisition last week...