MicroStrategy, a data analytics firm, has been added to the Nasdaq-100 Index, effective December 23, following a significant surge in its stock price fueled by its investments in bitcoin ¹. This development is expected to boost the company's stock price as exchange-traded funds replicate the index's performance.
MicroStrategy's shares have soared more than six-fold this year, reaching a market value of almost $94 billion ¹. The company began buying and holding bitcoin in 2020 as revenue from its software business declined. It is now the largest corporate holder of the cryptocurrency, with approximately 423,650 bitcoins purchased for $25.6 billion ¹.
The Nasdaq-100 Index addition is seen as a significant milestone for MicroStrategy, with analysts predicting potential inclusion in the S&P 500 Index in 2025 ¹. Other companies added to the Nasdaq-100 Index alongside MicroStrategy include:
- _Palantir Technologies_
- _Axon Enterprise_
Meanwhile, companies removed from the index are:
- _Illumina_
- _Super Micro Computer_
- _Moderna_ ¹