MicroStrategy remains in the NASDAQ 100! Saylor defies criticism and continues to buy Bitcoin aggressively

MicroStrategy (MSTR) successfully retained its status as a component of the Nasdaq 100 index. Founder and Executive Chairman Michael Saylor immediately declared: “We will continue to increase our Bitcoin holdings until the market stops complaining.” Although MSCI has expressed concerns about including crypto asset holdings in its index framework and plans to decide in mid-January whether to remove MicroStrategy from its indices, Nasdaq still maintains MicroStrategy’s benchmark index status.

Business Model Debate: Investment Fund or Tech Company?

Some market observers believe that MicroStrategy’s pioneering business model, centered on “long-term Bitcoin holding,” aligns more closely with an investment fund than a traditional operating company. This skepticism is not unfounded; the company was originally a software firm, but after a strategic shift in 2020, its Bitcoin holdings on the balance sheet have become a primary source of corporate value. In December last year, MicroStrategy was included in the Nasdaq 100’s technology subcategory, but this classification itself has sparked controversy.

Concerns about the sustainability of crypto asset treasury companies are growing. Critics point out that MicroStrategy’s stock price is highly sensitive to Bitcoin’s fluctuations, making it more akin to a leveraged investment vehicle for Bitcoin rather than an independently operating enterprise. This business model has spawned dozens of imitators; many companies are mimicking MicroStrategy’s strategy of shifting corporate funds into Bitcoin in an attempt to replicate its stock performance.

Global index provider MSCI has also raised doubts about the presence of digital asset treasury companies in its benchmark indices. MSCI plans to decide by January 2026 whether to exclude MicroStrategy and similar companies. This regulatory and index construction uncertainty adds variables to MicroStrategy’s future. If MSCI indeed decides to delist it, a chain reaction among other index providers could occur, impacting large passive investment funds’ holdings of MicroStrategy.

Nasdaq 100 Annual Adjustment Details

Nasdaq announced the list of component changes in this year’s annual adjustment. Companies removed include Biogen, CDW, GlobalFoundries, Lululemon Athletica, ON Semiconductor, and Trade Desk. New additions include Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate Technology, and Western Digital.

Highlights of Nasdaq 100 Component Adjustment

Removed Companies: Biogen, CDW, GlobalFoundries, Lululemon, ON Semiconductor, Trade Desk

Added Companies: Alnylam, Ferrovial, Insmed, Monolithic Power Systems, Seagate, Western Digital

Effective Date: December 22, 2025

MicroStrategy Status: Remains a component, not included in the adjustment list

It is noteworthy that despite ongoing market skepticism about MicroStrategy’s business model, Nasdaq ultimately chose to remove traditional companies like Lululemon rather than MicroStrategy. This may reflect Nasdaq’s view that MicroStrategy’s market capitalization, liquidity, and market influence still meet the standards for index inclusion. The Nasdaq 100 index tracks the largest non-financial companies listed on the exchange by market cap, and MicroStrategy’s current valuation still supports its position in the index.

Saylor’s Bitcoin Faith and Increase Announcement

(Source: Saylor Tracker)

Michael Saylor’s message not only confirmed that MicroStrategy will remain in the Nasdaq 100, but more importantly, he issued a battle cry: “We will continue to increase our Bitcoin holdings until the market stops complaining.” This statement fully demonstrates Saylor’s firm belief in Bitcoin’s long-term value and his uncompromising attitude toward market skepticism.

On December 14, MicroStrategy founder and Chairman Michael Saylor posted again on the X platform with Bitcoin Tracker information. Based on previous patterns, MicroStrategy typically discloses its Bitcoin accumulation data the day after Saylor’s Bitcoin Tracker updates. This pre-announcement style of communication has become a hallmark of Saylor’s interaction with the market, with each release drawing significant attention from the crypto community and causing short-term Bitcoin price fluctuations.

Since its transformation in 2020, MicroStrategy has accumulated billions of dollars in Bitcoin holdings, becoming one of the companies holding the most Bitcoin worldwide. Saylor himself has become one of the most prominent Bitcoin advocates, repeatedly stating that Bitcoin is the best tool to combat inflation and currency devaluation. This almost religious faith has earned MicroStrategy enthusiastic support from the crypto community but also skepticism and criticism from traditional finance circles.

Market Impact and Future Outlook

MicroStrategy’s successful retention of its Nasdaq 100 component status is a significant symbol for the Bitcoin market and the crypto industry. It means that passive investment funds tracking the Nasdaq 100 will continue to hold MicroStrategy shares, indirectly providing liquidity support for the Bitcoin market. However, MSCI’s decision in January remains a Damocles sword hanging over MicroStrategy. If MSCI decides to exclude it, a chain reaction could be triggered.

Saylor’s increase announcement again shows that MicroStrategy’s Bitcoin strategy will not change. The market generally expects MicroStrategy to disclose its latest Bitcoin purchase data in the coming days. This ongoing and large-scale buying behavior is both a bet on Bitcoin’s value and a challenge to traditional financial systems and index construction institutions. MicroStrategy’s story is writing one of the most controversial and most attention-grabbing chapters in the integration process of crypto assets and traditional financial markets.