MicroStrategy Buys More Bitcoin Ahead of Joining Nasdaq-100 — WSJ
2024-12-16
Category: None

By Vicky Ge Huang
MicroStrategy, the crypto-buying software company, said Monday it bought another $1.5 billion of bitcoin last week.
Nasdaq said late Friday that MicroStrategy would join the Nasdaq-100 index on Dec. 23. Inclusion in the widely followed benchmark could drive further demand, because exchange-traded funds and other investment vehicles that track the Nasdaq-100 must buy its shares.
There are more than $350 billion of assets under management in such ETFs, notably the $328 billion Invesco QQQ Trust.
Bitcoin hit a new all-time high of above $106,000 on Sunday. MicroStrategy, which has become a leveraged bet on bitcoin, has rocketed more than sixfold this year.
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