MicroStrategy secures Nasdaq-100 inclusion after bitcoin-fueled stock surge
- 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.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.
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. "Management has shown no signs of slowing this down and are comfortable buying bitcoin in the $95K-$100K range," Bernstein analysts added. The investment is worth around $42.43 billion, based on bitcoin's previous close, according to Reuters' calculations.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.
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