NASDAQ-100 Retains Strategy (MSTR) Amid Global Delisting Concerns

In September, Nasdaq reportedly weighed mandating shareholder approval for issuing stock to accumulate digital assets. The Information reported on September 4th that the exchange was considering new rules for listed companies accumulating digital assets.

It examined how public companies were increasingly selling stock to fund crypto purchases. The exchange evaluated the risks this trend could pose to investors. It aimed to address these concerns through potential regulatory changes.

According to the Nasdaq-100 Index’s listing methodology change log, the last change took effect on June 24, 2024. This happened months before Strategy was incorporated into the index.

The American exchange neither confirmed nor denied The Market Periodical’s request for confirmation of The Information’s report. Nasdaq said that its listing methodology was ‘up to date’.

Strategy was included in the Nasdaq 100 in 2024, along with Palantir Technologies and Axon Enterprises Inc.

MSTR Not Mentioned in Annual NASDAQ-100 Index Changes Report

Six companies were replaced in the annual reshuffle on December 12th, 2025. The report read: “The following six companies will be added to the Index: Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY), Ferrovial SE (Nasdaq: FER), Insmed Incorporated (Nasdaq: INSM), Monolithic Power Systems, Inc. (Nasdaq: MPWR), Seagate Technology Holdings plc (Nasdaq: STX), Western Digital Corp. (Nasdaq: WDC).”

The following companies were removed from the index: “Biogen Inc. (Nasdaq: BIIB), CDW Corporation (Nasdaq: CDW), GlobalFoundries Inc. (Nasdaq: GFS), Lululemon Athletica Inc. (Nasdaq: LULU), ON Semiconductor Corporation (Nasdaq: ON), The Trade Desk, Inc. (Nasdaq: TTD).”

“The Nasdaq-100 Index is a globally recognized index that tracks the performance of 100 of the largest non-financial companies listed on the Nasdaq Stock Market®, encompassing a diverse range of industries and sectors,” the report read.

Nasdaq’s Friday index reconstitution report is not unusual or extraordinary; it is routine. However, it is not clear if it intends to enforce separate rules for DATs like Strategy. The reconstituted index “will become effective prior to market open on Monday, December 22, 2025,” according to Nasdaq.

MSTR closed December 12th at $176, reflecting a $6.85 drop intraday. Morgan Stanley Capital International (MSCI), a global market index provider, is consulting on a proposal to remove stocks like  MSTR.

MSCI’s proposal: if at least 50% of the company’s net assets are digital assets, it will be excluded from the index.

39 companies, including Strategy, could be excluded from MSCI indices in February 2026. MSCI’s final decision will be announced on January 15, 2026; the consultation ends on December 31, 2025.

Japanese and Australian Exchanges to Subject DATs to Extra Oversight

Bloomberg reported last month that the Japanese Exchange Group (JPX) was considering imposing restrictions on listed companies accumulating cryptocurrencies. It also noted that JPX was weighing additional oversight to address the growing trend.

JPX is one of the biggest exchange operators in the Asia-Pacific region, operating some of Japan’s major exchanges. This includes the Tokyo Stock Exchange and the Osaka Stock Exchange.

Metaplanet Inc. (Tokyo Stock Exchange: 3350 / OTCQX: MTPLF), a Japan-based company, is the second-largest BTC treasury company. It holds over 30,000 BTC as of today. MTPLF is Japan’s only listed BTC Treasury company.

However, JPX was wary of other Japanese listed companies that are planning to accumulate cryptocurrencies. In September, the Australian Securities Exchange (ASX) clarified its position on listed companies issuing stock to acquire digital assets, such as cryptocurrencies.

ASX wrote in its September clarification: “…if crypto holding becomes a principal or material part of the company’s operations, ASX may consider this to trigger a fundamental shift in the company’s business focus and require shareholder approval under Listing Rule 11.1.”

Strategy Inc. was included in the index before it adopted its present name. It was included in the index as “MicroStrategy Incorporated” in 2024. Strategy’s co-founder and Executive Chairman, Michael Saylor, announced that MicroStrategy Incorporated was rebranded as Strategy Inc. earlier this year.

Rebranding to “Strategy” was done to signal a pivot to a Bitcoin- and AI-focused business model. Incorporated in 1989 as MicroStrategy Inc., the company initially focused on providing enterprise analytics services. Strategy continues to offer enterprise analytics services.