Originally published on: December 14, 2024
Exciting news in the financial sector as Nasdaq announces the inclusion of Michael Saylor’s company, MicroStrategy (MSTR), in the Nasdaq-100 Index beginning on Dec. 23. This move positions MicroStrategy among the top 100 largest stocks on the Nasdaq by market capitalization, alongside Palantir Technologies Inc. (PLTR) and Axon Enterprise, Inc. (AXON).
In a surprising development, Illumina, Inc. (ILMN), Super Micro Computer, Inc. (SMCI), and Moderna, Inc. (MRNA) will be removed from the index to make room for these new additions.
MicroStrategy, known for its software expertise, made headlines in 2020 when it transformed into a prominent Bitcoin hedge fund. Now, with its addition to the Nasdaq-100 Index, MicroStrategy will also be included in the Invesco QQQ Trust (QQQ) portfolio, a popular exchange-traded fund with over $322 billion in assets under management.
The cryptocurrency community has been quick to react to this announcement, with crypto analyst Will Clemente stating, “Now that MSTR is getting added to the Nasdaq, every large pension fund, sovereign wealth fund, and individual retirement account in the world is going to have Bitcoin exposure.”
Jeff Park, head of alpha strategies at Bitwise Invest, added his perspective, saying, “The trade of the decade is just getting started. Buckle up.”
Felix Hartmann, founder of Hartmann Capital, emphasized the significance of this event, noting that the impact of MicroStrategy’s inclusion in the Nasdaq 100 has not yet been fully realized in the public markets.
This news comes shortly after Microsoft shareholders voted against a proposal to add Bitcoin to the company’s balance sheets. Michael Saylor, known for his bullish stance on Bitcoin, had made a compelling case for Microsoft to adopt Bitcoin as a strategic asset during the annual meeting.
As the financial landscape continues to evolve, the addition of MicroStrategy to the prestigious Nasdaq-100 Index marks a significant milestone in the intersection of traditional finance and the burgeoning cryptocurrency market. Stay tuned for more updates on this exciting development.