The US stock exchange Nasdaq today announced the results of the annual reconstitution of the Nasdaq-100 Index (Nasdaq: NDX®), which will take effect before the market opens on Monday, December 23, 2024. It highlights the inclusion of MicroStrategy , the company led by institutional bitcoiner Michael Saylor.
MicroStrategy was primarily known for its business intelligence and data analytics solutions. However, its stock market trajectory has changed drastically since 2020, when the company started a Bitcoin accumulation strategy (BTC) as part of its treasury reserves. Since then, the MSTR share has appreciated abysmally by almost 3,000%, going from being worth approximately $15 to reaching its all-time high and current price of $408 per share, as reflected by TradingView at the time of writing this note.
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Meteoric rise of MSTR stock, fueled by the constant and aggressive bitcoin accumulation strategy. Source: TradingView
According to Bloomberg analyst Eric Balchunas, MicroStrategy would also be included in several ETFs that follow the Nasdaq index, such as Invesco’s QQQ Trust, which manages about 300 billion dollars of its clients. In total, he estimates there is about $550 billion of potential exposure due to these ETFs.
As reflected by the tracking site Bitcoin TreasuriesMicroStrategy currently holds 423,650 BTC, valued at $42.635 million at an exchange rate of $100,000/BTC. Of those bitcoin, 171,430 or 40% of current holdings They were acquired in less than a monthfrom November 10 to December 9, 2024.
In a recent interview, Saylor said that many people do not understand his business, stating that MicroStrategy “is a bitcoin treasury company” and added that the company was generating “500 million a day” in profit in BTC.
MicroStrategy’s strategy has caused such a stir in the global financial world that at least 10 other companies have begun adding treasury in bitcoin, while several states, such as Texas and Vancouver, are moving in the same direction.
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