Nasdaq has announced that Michael Saylor’s MicroStrategy will be added to the Nasdaq 100 index.
Nasdaq has announced that Bitcoin bull Michael Saylor’s company, MicroStrategy (MSTR), will be added to the Nasdaq-100 Index starting Dec. 23.
MicroStrategy is one of three companies to be added to the index alongside Palantir Technologies Inc. (PLTR), and Axon Enterprise, Inc. (AXON), according to a Dec. 13 statement published by Nasdaq.
MSTR now among Nasdaq’s 100 largest stocks by market cap
Meanwhile, Illumina, Inc. (ILMN), Super Micro Computer, Inc. (SMCI), and Moderna, Inc. (MRNA) will be removed from the index.
The listing means that MicroStrategy, a software company that became a de facto Bitcoin BTC $ 101,602 hedge fund in 2020, is among the Nasdaq’s 100 largest stocks by market capitalization.
the inclusion in the Nasdaq 100 will add MSTR to the portfolio of Invesco QQQ Trust (QQQ), an exchange-traded fund (ETF) with approximately $322 billion in assets under management (AUM).
Crypto industry quick to react
The crypto industry was quick to react to the announcement.
Crypto analyst Will Clemente wrote in a Dec. 13 X post, “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.”
Bitwise Invest head of alpha strategies Jeff Park added, “The trade of the decade is just getting started. Buckle up.”
Hartmann Capital founder Felix Hartmann said “This news is not priced in until public markets open.” Hartmann added:
Further any active manager benchmarking against the Nasdaq will now need to compete against levered btc. This means most managers will hedge this underperformance risk with likely direct exposure to either BTC or MSTR.”
Saylor recently presented Bitcoin case to Microsoft board
It comes just days after Microsoft shareholders voted against a resolution to add Bitcoin to the company’s balance sheets during the firm’s annual meeting on Dec. 10.
On Dec. 1, Microsoft’s board heard a three-minute speech from Saylor, who claimed that Microsoft could add almost $5 trillion to its market cap if it were to go all-in on Bitcoin.
“Microsoft can’t afford to miss the next technology wave, and Bitcoin is that wave,” Saylor said in his pitch for Microsoft to convert its cash flows, dividend payouts, debt and stock buybacks into Bitcoin.
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