MicroStrategy’s Bitcoin Play Raises Questions About Nasdaq 100 Inclusion
- Nasdaq announces the annual reshuffling of the index on Friday
- Firm has mesmerized Wall Street with its crypto purchases
With the token’s price reaching all-time highs recently, MicroStrategy now holds more than $40 billion worth of Bitcoin.
Photographer: David Lombeida/BloombergThis article is for subscribers only.
Michael Saylor’s MicroStrategy Inc. checks all the boxes for inclusion in the Nasdaq 100 Index, a development that would trigger purchases of the shares by the $451 billion worth of exchange-traded funds around the world that directly track the benchmark.
Yet market watchers are entertaining the possibility it gets snubbed in the index’s annual reshuffling on Friday for one simple reason: MicroStrategy has morphed into a levered bet on Bitcoin attached to a small software company that many say has no business being among the 100 most-important stocks on the Nasdaq.