Bitcoin-hoarding firm Strategy retains its place in the Nasdaq 100

Bitcoin-hoarding firm Strategy (MSTR.O) held on to its place in the Nasdaq 100 (.NDX) on Friday, extending its year-long inclusion in the benchmark even as analysts continue to question its business model.

Some market observers argue that Strategy’s pioneering buy-and-hold bitcoin approach — which has inspired dozens of imitators — more closely resembles an investment fund than a traditional operating company. Concerns have also mounted over the sustainability of crypto treasury firms, whose shares have shown extreme sensitivity to bitcoin price swings.

Nasdaq said Biogen (BIIB.O), CDW Corporation (CDW.O), GlobalFoundries (GFS.O), Lululemon Athletica (LULU.O), On Semiconductor (ON.O) and Trade Desk (TTD.O) were removed from the tech-heavy index. New additions included Alnylam Pharmaceuticals (ALNY.O), Ferrovial (FERF.AS), Insmed (INSM.O), Monolithic Power Systems (MPWR.O), Seagate Technology (STX.O) and Western Digital (WDC.O).

Strategy, formerly known as MicroStrategy, began as a software company before pivoting to bitcoin investing in 2020. It was added to the Nasdaq 100 last December under the index’s technology classification.

Global index provider MSCI (MSCI.N) has also raised concerns over the inclusion of digital-asset treasury companies in its benchmarks and is set to decide in January whether to exclude Strategy and similar firms.

The Nasdaq index changes are scheduled to take effect on December 22. The Nasdaq 100 tracks the largest non-financial companies by market capitalization listed on the exchange.