Anticipated Development in Bitcoin: Good News Announced For Big Bull MicroStrategy

MicroStrategy is set to join the prestigious Nasdaq-100 Index, Nasdaq announced Friday. The move, which will take effect before markets open on Dec. 23, follows a dramatic rise in the company's stock price, driven by its aggressive investments in Bitcoin. Inclusion in the Nasdaq-100 typically brings additional demand for a company’s stock as ETFs that track the index adjust their portfolios to include the newly added stock. MicroStrategy’s stock is set to more than sixfold increase in value by 2024, taking its market value to around $94 billion, largely due to its status as the largest institutional holder of Bitcoin. MicroStrategy began buying bitcoin in 2020 as a strategy to protect its reserves at a time when software revenues are declining. As of Dec. 8, the company held about 423,650 bitcoins, which it purchased for an average of $25.6 billion. At Bitcoin’s last closing price, the investment is worth about $42.43 billion, according to Reuters calculations. Related News: Switzerland-Based Bitcoin Suisse Shares 2025 Forecast for BTC Price Analysts are banking on the firm’s Bitcoin strategy for the stock’s appeal, which closely tracks BTC’s performance. Bernstein analysts noted that MicroStrategy’s inclusion in the Nasdaq-100 could pave the way for its potential inclusion in the S&P 500 by 2025. They also predict continued growth in 2025 thanks to increased visibility and recognition beyond ETF inflows. “Management has shown no signs of slowing down this Bitcoin buying and is comfortable buying Bitcoin in the $95,000 to $100,000 range,” Bernstein analysts added. Alongside MicroStrategy, Palantir Technologies (PLTR.O) and Axon Enterprise (AXON.O) will also be added to the Nasdaq-100 Index. Meanwhile, Nasdaq confirmed that Illumina (ILMN.O), Super Micro Computer (SMCI.O) and Moderna (MRNA.O) will be removed. *This is not investment advice. Continue Reading: Anticipated Development in Bitcoin: Good News Announced For Big Bull MicroStrategy