For 2025, Strategy has sustained aggressive Bitcoin accumulation, delivering a year-to-date BTC yield of about 24.9% as of mid-December, despite broader market volatility.

Overall, Strategy’s treasury approach remains a large, ongoing bet on Bitcoin, with the stock market reacting to the price dynamics near recent highs and ongoing regulatory and indexing considerations that could affect the business.

Michael Saylor criticized MSCI’s proposal as unworkable and discriminatory, arguing that digital asset treasuries are operating companies, not investment funds, and urged revocation of the proposal.

Bitwise backs Strategy, advocating neutral indexing and warning that MSCI’s rule change could reduce exposure to a fast-growing asset class and harm investors.

Strategy, formerly MicroStrategy, expanded its Bitcoin treasury with a purchase of about 10,645 BTC for roughly $980 million at an average price near $92,100, bringing total holdings to around 671,268 BTC and a cumulative cost about $50.33 billion.

Strategy maintains a layered arsenal of preferred stock (STRK, STRD, STRF, STRC) to preserve funding flexibility and avoid relying solely on debt.

In the latest Nasdaq-100 rebalancing, Biogen, CDW, GlobalFoundries, Lululemon, ON Semiconductor, and The Trade Desk were removed and replaced by Alnylam Pharmaceuticals, Ferrovial SE, Insmed, Monolithic Power Systems, Seagate Technology, and Western Digital.

MSCI is considering excluding digital-asset treasury firms with 50%+ assets in Bitcoin from its indices, with final conclusions due January 15, 2026 and potential implementation in February 2026.

A separate MSCI consultation could also target firms with 50%+ digital assets, with the final decision expected in January 2026 and likely February changes.

Nasdaq-100 components influence hundreds of ETFs and trillions in assets, and the rebalancing is rule-based by market cap and liquidity; Strategy satisfied criteria despite its unconventional balance sheet.

The report includes a standard disclaimer, with authorship and links to related commentary and bios.

Nasdaq-100 status stayed intact after the latest annual reconstitution, reducing near-term passive-outflow risk while leaving index-committee decisions as a potential catalyst.