“The annual Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but bitcoin treasury company Strategy hung onto its spot.”, — write: www.coindesk.com
The firm, which began as business software provider MicroStrategy, pivoted in 2020 to stockpiling bitcoin as its core strategy. It has since then accumulated 660,624 BTC worth $59.55 billion, and it was added to the index last December.
Unlike traditional companies in the index, Strategy’s performance is tightly tethered to bitcoin’s price. Its business model, which involves buying and holding massive quantities of the cryptocurrency, has inspired similar moves by smaller firms but drawn criticism from analysts and index providers.
That criticism has seen some analysts argue that the firm acts more like a bitcoin investment vehicle than a traditional business. The Nasdaq 100 index focuses on non-financial firms listed in the Nasdaq, which means being classified a holding company would mean it’s ineligible for inclusion.
MSCI, a major index provider, has flagged concerns about crypto treasury companies like Strategy and is expected to issue a decision in January on whether to exclude them from its benchmarks.
Strategy, which has been included in these indexes as a tech company given its business intelligence operations, has responded to MSCI’s proposal to exclude these companies, arguing that these are operating businesses and not investment funds.
Nasdaq dropped six companies from the index in this year’s rebalance, including Biogen, Lululemon, and Trade Desk. Replacements include Alnylam Pharmaceuticals, Ferrovial, and Seagate Technology. The changes take effect December 22.
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence’s Token Security API averaged 717 million monthly calls year-to-date in 2025, with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
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Executive John Ameriks emphasized Vanguard’s core view of the crypto sector has not changed, seeing the asset class as highly speculative.
- Vanguard’s John Ameriks likened bitcoin to a “digital Labubu,” viewing it as speculative rather than a long-term investment.
- Ameriks emphasized Vanguard’s core view of the crypto sector has not changed, seeing the asset class as highly speculative.
- Vanguard won’t launch its own crypto ETFs, but provides access to regulated crypto investment vehicles without advising clients on buying or selling.
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