The company’s shares have been in a bearish trend, losing more than 15% in the last month.
The MSCI index will decide in January whether to exclude Strategy and similar companies that accumulate bitcoin.
Amid concerns about Strategy’s possible departure from the MSCI (Morgan Stanley Capital International) index, the company manages to maintain its position on the Nasdaq 100, the largest stock index in the United States.
After this year’s readjustment, which became known This December 13, the company led by bitcoiner Michael Saylor maintained its place. It’s still there among the 100 largest commercial companies of the world, which were listed in the annual reconstitution.
The list will come into force before the market opens on Monday, December 22, 2025.
Strategy happens like this, successfully, your first test in the index in which was included in December of last year, in the technology subcategory. This, after a historic rise in its share price.
It’s worth noting that despite remaining in the index, Strategy (MSTR) stock has been in a sharp downtrend lately, losing more than 15% in the last month alone.
As CriptoNoticias has reported, this behavior by MSTR occurs while the company faces criticism about its business model, based since 2021 on the aggressive purchase of bitcoin (BTC) to include it in its reserves.
The company, formerly known as MicroStrategy, stands out as the largest corporate holder of bitcoin. With its latest purchase of $11.7 million last week, Strategy’s total holdings reach 650,000 BTC.
Strategy in the eye of the hurricane for its bitcoin strategy
This happens at the same time that the situation reaches a critical point due to the fall in the total value of the company’s bitcoin reserves (mNAV), amid the decline in the price of the digital currency. Strategy’s mNAV has been below 1.00, an indicator that suggests that the firm has few financing options.
The case has taken on complex nuances, opening the door to rumors of BTC sales. An idea always denied by Saylor and whose possible occurrence generates fear in the cryptocurrency market, as Strategy is one of the main whales (large holders of bitcoin).
Added to all this are recent news linked to the index provider MSCI. The possibility of delisting companies whose reserves in BTC are being evaluated exceed 50% of its total assets. The final decision on this point will be known in January 2026.
If this fact materializes, Strategy would leave the list that includes the shares of large and medium capitalization companies, in developed countries and with stable economies. This would force the sale of shares worth up to $2.8 billion.
Given this risk, Phong Le, CEO of Strategy, sent a letter to the MSCI Index Committee, describing the measure as “arbitrary.” That’s why, amid these concerns, Strategy’s continued listing on the Nasdaq 100 brings some level of relief.