Stock Market and Cryptocurrency Update: Company Merges with Index Amidst Record Price Gains
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MicroStrategy Joins NASDAQ 100 as Bitcoin Price Soars
In a surprise move, MicroStrategy has been added to the NASDAQ-100 Index, a benchmark for the technology industry. This development comes as the price of Bitcoin (BTC) surges to new heights.
As reported by CoinMarketCap, on Friday, the value of one BTC surged almost 2% to reach $101,762.26. This rapid growth is nothing new for Bitcoin, which has been gaining significant traction in recent years.
Historically, the correlation between MicroStrategy’s stock price and the price of Bitcoin has been strikingly strong. As a company that holds an enormous amount of Bitcoin as part of its treasury reserve, any fluctuations in BTC prices would naturally have a profound impact on MSTR’s value.
It is no surprise then that the addition of MicroStrategy to the NASDAQ-100 Index comes at a time when the cryptocurrency market is experiencing unprecedented growth. The company’s recent acquisition of 51,780 additional BTC for $4.6 billion has raised its total holdings to an impressive 331,200 BTC, valued at approximately $30 billion.
This strategic move by MicroStrategy solidifies its position as one of the largest institutional holders of Bitcoin in the world.
Source: u.today
