Double-edged sword for MicroStrategy: Nasdaq 100 remains steady but MSCI still initiates an investigation

Amid the volatile bitcoin market, MicroStrategy has escaped a “knife edge” when Nasdaq 100 decided to retain the company in the rebalancing announced on December 13, 2025. However, this safety is only temporary. MSCI - a major index provider - is considering a cutoff rule: removing any company with cryptocurrency assets exceeding 50% of total assets from its indices, with a decision expected in January 2026.

When a “bitcoin fund” is turned into a corporate machine

Since MicroStrategy joined Nasdaq 100 in December last year, the company’s trajectory has changed drastically. No longer a traditional software business, Strategy has now become a “bitcoin treasury” of the corporate world. With 660,624 BTC held - valued at nearly $60 billion according to current estimates - this company has become more of a mathematical equation than an operational organization.

This accumulated volume continues to grow. In early December, MicroStrategy purchased an additional 10,624 BTC at a price of about $962.7 million, continuing its accumulation mission. With Bitcoin currently trading at $90.65K, this strategy is not without causing ripples among global index managers.

Nasdaq 100 passes the test, but the market remains cautious

In the recent rebalancing, six companies were removed from the ( index including Biogen, CDW, GlobalFoundries, Lululemon, ON Semiconductor, Trade Desk), and six new companies were added (Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate, Western Digital), with changes effective from December 22. But MicroStrategy remains, indicating Nasdaq’s index managers still do not see the company’s “bitcoinization” as an exclusion issue.

However, the mood is not cheerful. MicroStrategy’s stock fell 3.74% on the day of this decision, and the downward trend has persisted throughout the month. The market clearly disapproves of this new business model - one where bitcoin volatility could completely replace traditional business factors.

MSCI raises a warning: 50% crypto asset limit

This is where the “knife” truly bites. MSCI is considering a new criterion: any company with cryptocurrency assets exceeding 50% of total assets will be considered for removal from major indices. The final decision is expected around January 15, 2026.

If MSCI decides to implement this rule, the consequences will not be just theoretical. JPMorgan has warned that passive index funds may be forced to sell up to $2.8 billion to comply with the new criteria. For MicroStrategy, this would be a major shock.

Saylor’s counter-strategy: “we are not just accumulating, we are structuring finance”

Michael Saylor and CEO Phong Le did not hold back in their response. In a letter to MSCI on December 10, they argued that MicroStrategy is not an idle bitcoin fund, but a structured financial organization. The company issues various financial instruments - especially preferred shares - to finance its bitcoin purchases.

This is not unplanned accumulation, they argue. It is a purposeful financial operation logic. To demonstrate this commitment, MicroStrategy has raised about $1.44 billion - a buffer to ease concerns about dividend or debt payments if stock prices continue to dip.

The “digital credit” ambition: the final gamble

However, resistance does not stop at paper documents. At the Bitcoin MENA event in Abu Dhabi, Saylor described a broader vision: MicroStrategy as a bridge between traditional financial indices and digital treasure. He even mentioned the concept of “digital credit” - a form of credit backed by bitcoin, capable of generating yields and attracting sovereign funds, banks, and family offices.

This is a final bet: convincing the world that MicroStrategy is not a market accident or a fund tempted by greed, but a purpose-driven company with a legitimate financial strategy to build bridges in the future.

However, the gap between theory and practice remains vast. Saylor’s goal is to create a model that can survive both Nasdaq 100 and MSCI. If MSCI votes against in January, all these plans will face a real test.