Bitcoin hoarding giant Strategy may be at risk of being removed from the Nasdaq 100 index at its annual reshuffle on Friday, amid questions over its business model that have weighed on its share price, some analysts flagged this week. After ​a sizzling rally that pushed its market capitalization to a peak of $128 billion earlier this year, Strategy - which started out as software company ‌MicroStrategy but pivoted to bitcoin investing in 2020 - was included last December under the index's technology sub-category. Strategy reported a net profit of $2.78 billion for the three months ended September 30, compared with a loss of $340.2 million a year earlier, mostly driven by an accounting change that allowed it to book gains on its bitcoin holdings.