MicroStrategy secures Nasdaq-100 inclusion after bitcoin-fueled stock surge
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MicroStrategy will be added to the tech-heavy Nasdaq-100 Index, the exchange operator said on Friday, following a meteoric surge in the shares of the bitcoin buyer. The change comes into effect prior to market open on Dec. 23, Nasdaq added. An inclusion in the index typically boosts stock prices, as exchange-traded funds looking to replicate the index's performance buy shares of the included firm. MicroStrategy, an aggressive investor in the world's largest crypto asset, has seen its shares soar more than six-fold so far this year, taking its market value to almost $94 billion. The company began buying and holding bitcoin in 2020 as revenue from its software business waned and is now the largest corporate holder of the cryptocurrency. Analysts have said MicroStrategy's decision to purchase bitcoin to protect the value of its reserve assets has enhanced the appeal of its stock, which tends to align with the performance of th...