MicroStrategy, the high beta play on the price of bitcoin, will join the Nasdaq 100 index.
, the preferred high beta play on the price of bitcoin, will join the Nasdaq 100 index, a move that could further increase demand for the controversial stock that has been on a torrid run this year alongside the price of the cryptocurrency.Shares of the bitcoin proxy could be set to gain off the move. They're up more than sixfold this year, compared withThe change, which would take effect later this month, was announced Friday after the stock market close.
Additionally, "the market will likely set its sight on S&P 500 inclusion for 2025," Chhugani said. "Currently, due to profitability of its software business, it may be challenging to be considered for S&P 500 inclusion." MicroStrategy originally sold enterprise software, but the firm has increasingly become a bitcoin holding company. It first added bitcoin to its balance sheet in 2020, with Michael Saylor as CEO at the time, and has been leaning into thatin the years since. MicroStrategy now issues convertible notes to leverage its purchases, and its stock's daily trading sometimes looks like a more volatile version of bitcoin.
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