NASDAQ Index Update: Company Joins Prestigious Ranking Amid Cryptocurrency Market Surge
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**MicroStrategy Joins NASDAQ 100 as Bitcoin Price Soars**
In a surprising yet not unexpected move, business intelligence company MicroStrategy has joined the prestigious NASDAQ 100 index. This development comes on the heels of the cryptocurrency market’s recent surge, with Bitcoin (BTC) price rising to almost $102,000.
As reported earlier today, BTC surged nearly 2% to reach $101,762.26, according to CoinMarketCap. While some may see this as a surprise, it is not entirely unexpected given MicroStrategy’s significant commitment to the cryptocurrency market.
The company has made headlines in recent times by purchasing over 125,000 Bitcoin units at an average price of around $27,000 each, making them one of the largest institutional holders of BTC. In a bold move, they have also publicly positioned their assets as a long-term store of value and inflation hedge.
Historically, the correlation between MicroStrategy’s stock performance (MSTR) and that of Bitcoin has been strikingly strong, as might be expected given the company’s substantial Bitcoin holdings.
In light of this development, it is not surprising to see MSTR join the NASDAQ 100 index.
Source: u.today
