Bitwise Defends Strategy as Nasdaq 100 Retention Signals Crypto Maturity

In a significant week for crypto-linked public companies, Strategy Inc. has been confirmed to retain its place in the prestigious Nasdaq 100 index, while simultaneously facing a potential removal from MSCI's Global Investable Market Indexes. The contrasting developments highlight the evolving and sometimes contentious integration of digital asset firms into traditional finance.

Strategy's continued inclusion in the Nasdaq 100, confirmed by Reuters, is seen as a major vote of confidence. The index, which includes giants like Apple and Microsoft, represents a benchmark for liquidity, market capitalization, and governance. Retention signals to institutional investors that the company meets rigorous listing criteria and provides continued exposure to a massive pool of passive investment funds, such as ETFs, that track the index. This creates a stabilizing force of consistent, non-speculative demand.

Concurrently, crypto asset manager Bitwise has publicly pushed back against index provider MSCI's proposal to drop Strategy from its indexes. MSCI's move cites concerns over companies whose digital asset holdings exceed 50% of total assets. In a formal statement, Bitwise expressed disappointment, arguing that indexes should be neutral, rules-based tools that reflect markets, not judge business models.

Bitwise emphasized that global indexes have historically included companies with concentrated exposure to single assets, such as energy producers or REITs, without exclusion. The firm warned that MSCI's approach risks setting a precedent where digital assets are treated differently, unfairly singling them out and limiting investor access to a key industry leader. Bitwise stated that Strategy offers exposure that bitcoin exchange-traded products cannot replicate and urged MSCI to uphold neutral standards.

Together, these events underscore a pivotal moment. The Nasdaq 100 retention acts as a bridge, allowing conservative capital indirect exposure to crypto and enhancing the sector's legitimacy. The MSCI debate, however, reveals ongoing friction and the need for consistent, objective criteria as digital asset companies are evaluated by traditional financial metrics.