Can Strategy continue to hold steady in the Nasdaq 100? Bitcoin Treasury Company Model Faces Doubt

【Blockchain Rhythm】Bitcoin Treasury Concept Company Strategy has recently made headlines—successfully maintaining its spot in the Nasdaq 100 Index. This seemingly ordinary decision conceals a larger debate about the corporate value of crypto assets.

Since the news broke on December 13, the market reaction has been far from calm. Frankly, Strategy’s core business model of “buy and hold Bitcoin long-term” is innovative and has even sparked a wave of imitators, leading to dozens of copycat companies. But the question remains: what exactly is this model? Is it an investment fund? Or a genuinely operating company? Analysts have differing opinions, but skepticism is growing.

Even more concerning is that the stock price movements of such crypto treasury companies have been figured out—highly sensitive to Bitcoin price fluctuations, almost entirely correlated. This has led many market observers to ask: is this business model really sustainable? What genuine value can investors derive from it?

Global index provider MSCI has also become uneasy, explicitly expressing doubts about including such companies in index systems. It is reported that MSCI plans to make a final decision in January next year, and whether Strategy and similar companies will be removed from the index depends on the market attitude at that time. In other words, although Strategy has temporarily retained its position, the real test has just begun.