MicroStrategy Keeps Nasdaq 100 Spot Despite Bitcoin-Centric Treasury
MicroStrategy (MSTR) retained its place in the Nasdaq 100 after the index’s annual rebalance, keeping the stock exposed to Nasdaq-related passive flows. The company holds roughly 660,624 BTC (about $59–60 billion), and its equity now moves closely with BTC price swings. Nasdaq’s reshuffle removed six firms and added three replacements, with changes effective December 22. Separately, MSCI has proposed excluding companies that treat crypto as a treasury asset from its benchmarks and is expected to decide in January; similar Nasdaq classification rules could also affect eligibility if firms are reclassified as holding companies rather than operating businesses. MicroStrategy formally opposed MSCI’s proposal, arguing that removal rules could create index instability and force funds to sell during periods of Bitcoin volatility. For traders, MSTR’s continued inclusion preserves index-driven liquidity but maintains strong BTC correlation and vulnerability to index-provider rulings that could alter liquidity, flows and volatility in both MSTR shares and, indirectly, BTC markets.
Neutral
The news has a neutral net effect on BTC price when considered directly. Short-term, MicroStrategy’s continued inclusion in the Nasdaq 100 maintains an engine for equity flows that can amplify BTC-linked moves — MSTR purchases or forced sales by index-tracking funds could create correlated volatility between MSTR and BTC. However, the immediate development does not introduce new fundamental demand for Bitcoin itself; it mainly affects how an equity wrapper (MSTR) is traded. The looming MSCI decision and potential reclassification pose downside risk to MSTR liquidity and could trigger temporary selling pressure if removal forces index funds to divest; such forced selling by equity funds is more likely to compress MSTR liquidity and spike short-term volatility than to materially change long-term BTC supply/demand. Conversely, market participants opposing exclusions (and MicroStrategy’s defense) reduce the probability of abrupt market-wide shifts. Overall, expect heightened correlation and episodic volatility linked to index flows, but no clear directional push for BTC price absent further structural changes or large-scale forced sales tied directly to Bitcoin holdings.