On December 13, Reuters reported that Strategy, a publicly traded Bitcoin treasury company, will remain on the Nasdaq 100 index, retaining its position and continuing its year-long inclusion in the benchmark index. This move comes against the backdrop of analysts questioning its business model.
Some market observers believe that Strategy's pioneering business model, centered on "buying and holding Bitcoin long-term"—which has spawned dozens of imitators—is closer to an investment fund than a traditional operating company. Meanwhile, concerns about the sustainability of "crypto asset treasury companies" are growing. The stock prices of these companies have proven extremely sensitive to Bitcoin price fluctuations.
Global index provider MSCI (MSCI.N) has also expressed concerns about including digital asset treasury companies in its index system. MSCI is expected to decide in January next year whether to remove Strategy and similar companies from its indices.
