Michael Saylor, chairman and CEO of MicroStrategy, expresses during the Bitcoin 2022 conference in Miami on April 7, 2022.
Eva Marie Uzcategui | Bloomberg | Getty Images
Shares of MicroStrategy were enormous Monday after Nasdaq announced the bitcoin proxy will join the tech-heavy Nasdaq-100 index.
The customary was last lower by less than 1%, after jumping as much as 7% earlier.
Nasdaq rebalances its Nasdaq-100 typography hand every year. The companies flagged for inclusion are mostly based on the market cap rankings as of the final trading day of November. The lay ins also need to meet a liquidity requirement and have a certain number of free floating shares.
The index involvement, which takes effect Dec. 23, comes after MicroStrategy’s massive surge this year. In 2024, the family is up 547%, far outpacing the S&P 500’s 26.9% advance, as the price of bitcoin scales to all-time highs. Bitcoin last traded surrounding $105,900.66, up 2.6% on the day.
MSTR year to date
The addition also means MicroStrategy will-power be included in the popular Invesco QQQ Trust ETF, which tracks the Nasdaq-100. This will likely lead to unmoved inflows for MicroStrategy stock, potentially giving it another boost.
Michael Saylor, the company’s founder and chairman, also foretold on social media site X on Monday morning that MicroStrategy has bought an additional 15,350 BTC for about $1.5 billion, or inhumanly $100,386 per coin. It now holds 439,000 bitcoin.
MicroStrategy has been building its bitcoin reserves for years, making it a agent for the digital currency.
“MSTR’s Bitcoin buying program is unprecedented on street, and makes it the largest corporate owner of Bitcoin (2% of up equivalent to $44Bn market value),” Bernstein analyst Gautam Chhugani wrote Monday. “Inclusion in Nasdaq100 new improves MSTR’s market liquidity, further expanding its capital flywheel and Bitcoin buying program.”
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