Michael Saylor’s micro strategy entered the Nasdaq 100
Nasdaq has announced that Bitcoin bull Michael Saylor Company MicroStrategy (MSTR) will be added to the Nasdaq-100 index as of December 23rd.
MicroStrategy is one of three companies to be added to the index, along with Palantir Technologies Inc. ( PLTR ) and Axon Enterprises Inc. ( AXON ) in a December 13 announcement by Nasdaq.
MSTR is now among the Nasdaq's 100 largest stocks by market value
Meanwhile, Illumina Inc. (ILMN), Super Microcomputer, Inc. (SMCI), and Moderna, Inc. (mRNA) are removed from the index.
The list includes the Bitcoin (BTC) hedge fund, a microstrategy software company, among the Nasdaq 100's largest stocks by market capitalization in 2020.
On December 11, Cointelegraph reported that inclusion in the Nasdaq 100 will add MSTR to the Invesco QQQ Trust (QQQ) portfolio, an exchange-traded fund (ETF) with approximately $322 billion in assets under management (AUM).
The Crypto industry responds quickly
The crypto industry reacted quickly to the announcement.
Source: James Lavish
Crypto analyst Will Clemente wrote in a December 13 X post: “Now that MSTR is being added to the Nasdaq, every major pension fund, sovereign wealth fund and individual retirement account in the world will have Bitcoin exposure.”
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Jeff Park, Head of Alpha Strategies at Bitwise Invest, added, “The decade of trading is just getting started. Turn around.
“This news will not be valued until the public markets open,” said Felix Hartmann, founder of Hartmann Capital. Hartman added:
Further any active manager benchmark with nasdaq now needs to compete with levered btc. This means that most managers will hedge this underperformance risk with direct exposure to BTC or MSTR.
Saylor recently presented the issue of Bitcoin to Microsoft's board
It comes just days after Microsoft shareholders voted against a proposal to add bitcoin to the company's balance sheet at its December 10 annual meeting.
On December 1, Microsoft's board heard a three-minute speech from Saylor, saying that if Microsoft goes all in on Bitcoin, it could add $5 trillion to the market.
“Microsoft can't miss the next wave of technology, and bitcoin is that wave,” Saylor said of Microsoft's choice to shift its cash flow, dividend payments, debt and stock buybacks to bitcoin.
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