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MicroStrategy stock is getting added to the Nasdaq 100 index, an event not that far from Bitcoin joining the tech-heavy index.
MicroStrategy owns 423,650 bitcoins, which will weigh on the Nasdaq 100 due to the company’s volatility as a BTC proxy.
The move is scheduled for December 23 and will cause changes to the public markets and the ETF sector in particular.
The Nasdaq 100 comprises the top 100 tech and non-financial companies that are part of the larger Nasdaq Composite index IXIC, which consists of more than 2,500 companies.
Moreover, ETFs that hold the Nasdaq 100 will automatically own MicroStrategy, whether they like it or not.
Source: mgflip
The Invesco QQQ is one such Exchange-traded fund (ETF) — the highly popular tech play with $325 billion in assets tracks the Nasdaq 100 and will become a buyer of MicroStrategy.
The company’s addition to the Wall Street average comes after a 500% year-to-date rally for its shares.
MicroStrategy is the largest corporate investor in the cryptocurrency.
The company has been on a bitcoin buying spree, especially since the election of Donald Trump, whose crypto-friendly rhetoric and Cabinet appointments have sent the value of bitcoin soaring.
Nearly 40% of MicroStrategy’s Bitcoin position has been acquired in the past 40 days.
Over the last month, MicroStrategy purchased over 100k bitcoins for $10.5 billion, according to SEC filings.
Bitcoin hit a new record above $106,000 this week and has soared more than 50% since Trump’s victory.
Investors can long MicroStrategy using our 3x MicroStrategy.
Alternatively, traders can short MicroStrategy using our -3x MicroStrategy.
Your capital is at risk if you invest. You could lose all your investment. Please see the full risk warning here.
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