NASDAQ Index Update: Business Intelligence Company Joins Ranks Amid Cryptocurrency Market Growth
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MicroStrategy Joins NASDAQ 100 as Bitcoin Price Soars
MicroStrategy, a leading business intelligence software company, has been added to the NASDAQ-100 Index, a move that reflects its significant growth and success in recent years. The decision comes at a time when Bitcoin’s price is surging, with the cryptocurrency hitting new highs.
As of Friday afternoon, BTC price surged almost 2% to reach $101,762.26, according to CoinMarketCap. This marks another impressive milestone for the digital asset, which has been trending upward in recent months.
It is no surprise that MicroStrategy’s strong correlation with Bitcoin has led to its inclusion in the prestigious NASDAQ-100 Index. As a pioneer in embracing cryptocurrency as a core reserve asset and inflation hedge, the company’s success is directly tied to the performance of Bitcoin.
Historically, there has been an extremely strong correlation between MSTR (MicroStrategy’s stock ticker) and Bitcoin. This should be no surprise given that MicroStrategy has acquired 331,200 BTC for $30 billion, raising its total holdings by 51,780 units.
While impressive, this is still less than BlackRock’s iShares Bitcoin Trust, which holds an astonishing 471,329 BTC. Nonetheless, MicroStrategy’s commitment to holding a substantial stake in the world’s most valuable cryptocurrency has inspired similar moves from other companies like Marathon Digital and Semler Scientific.
This article is written by Dan Burgin
Source: u.today
