Overview
- Nasdaq’s latest rebalancing left Strategy in the Nasdaq 100 even as it continues to operate as a Bitcoin-heavy proxy rather than a traditional software company.
- MSCI is conducting a consultation that includes a potential 50% digital-asset threshold, which could render digital asset treasury companies ineligible for its global benchmarks.
- Analysts estimate that an MSCI removal would force index-tracking funds to sell more than $1.5 billion of Strategy shares.
- Strategy has formally objected to the review, and asset manager Bitwise cautions that business-model judgments would inject subjectivity into rules-based index construction.
- The DAT cohort has expanded to roughly 142 firms by October 2025, and recent forced crypto sales by ETHZilla, FG Nexus, and Sequans highlight mounting liquidity stress.