Strategy (MSTR) remains the leveraged Bitcoin proxy to watch

Strategy Inc., the Bitcoin-hoarding ex-MicroStrategy, closed Friday near $176.60, down 3.7%, as Reuters and TS2.Tech note its extreme earnings and price sensitivity to BTC due to fair-value accounting and heavy leverage. The stock narrowly retained its Nasdaq-100 membership even as MSCI weighs excluding ‘digital asset treasury’ companies from its indices in January, leaving the name highly exposed to both Bitcoin volatility and index-eligibility headlines.