Strategy maintained its place on the Nasdaq 100 during this year’s rebalancing, securing its first successful test on the benchmark index since joining the index in December of last year.
The company, formerly known as MicroStrategy, has become the largest corporate holder of Bitcoin (BTC). With its latest purchase of 10,624 Bitcoin for around $962.7 million last week, Strategy’s total holdings stand at 660,624 BTC, worth nearly $60 billion.
The Nasdaq 100’s latest adjustment saw Biogen, CDW, GlobalFoundries, Lululemon, On Semiconductor and Trade Desk removed from the high-tech gauge, while Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate and Western Digital entered the lineup, according to Reuters.
Despite remaining in the index, Strategy shares ended the day down 3.74%. The company’s shares have been on a downward trend lately, losing more than 15% in the last month alone.
Related: MSCI’s Bitcoin snub is like penalizing Chevron for oil: Strategy CEO
The MSCI review puts the strategy at risk
Strategy’s inclusion in the Nasdaq 100 stands out not only because its business model is unusual, but also because of the growing debate over whether such companies resemble operating companies or de facto investment vehicles.
Those questions intensified this year when MSCI began reviewing how to classify companies that raise capital primarily to acquire digital assets. The index provider has considered excluding companies whose cryptocurrency holdings exceed 50% of total assets, a move that could affect Strategy as early as January. JPMorgan warned that up to $2.8 billion of Strategy shares held by passive funds could be forced to be sold if MSCI goes ahead.
Strategy leadership has stepped back. In a letter to MSCI dated December 10, CEO Michael Saylor and CEO Phong Le argued that the company is not a passive accumulator of Bitcoin but rather an operating company that issues preferred shares and other instruments to finance new purchases.
Related: Bitcoin Treasuries Stagnate in Q4, But Largest Holders Continue to Accumulate Sats
Strategy raises $1.4 billion to quell FUD
Strategy recently raised $1.44 billion to offset market concerns about its ability to meet its dividend and debt obligations if the share price fell further. “There was FUD that was issued saying we wouldn’t be able to meet our dividend obligations, causing people to short Bitcoin,” Le said.
At the Bitcoin MENA event in Abu Dhabi, Saylor also said he has been meeting with sovereign wealth funds, bankers and family offices to position Bitcoin as “digital capital” and “digital gold.” He argued that a new “digital credit” category built on Bitcoin can generate yield without the volatility typically associated with the asset, underscoring his push to bring institutional capital to the space.
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