- Palantir Technologies and Axon Enterprise are also joining the stock market index.
- The Index welcomed the addition as part of its recognition of Bitcoin’s growing influence in the corporate world.
Nasdaq-100 Index, which tracks the 100 largest non-financial companies on the Nasdaq Stock Market, will list Bitcoin-advocate MicroStrategy this month. Other firms joining it are Palantir Technologies and Axon Enterprise, which are replacing Illumina, Moderna, and Super Micro Computer in a reshuffle recently announced by the platform.
MicroStrategy’s inclusion in the Nasdaq-100 marks a significant step for the company, known for its aggressive Bitcoin investments. Led by Michael Saylor, MicroStrategy transitioned from a software firm to a major Bitcoin proponent in 2020, turning its stock into a proxy for cryptocurrency performance.
According to a statement by Nasdaq, this addition also underscores alignment with Nasdaq’s acknowledgment of Bitcoin’s growing influence in the corporate world.
The company’s entry into Nasdaq-100 also involves the inclusion in the Invesco QQQ Trust (QQQ), a popular exchange-traded fund (ETF) managing over $322 billion in assets. Investors following the QQQ portfolio will now gain indirect exposure to MicroStrategy, the stock market index mentioned.
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Other Firms Joining Nasdaq-100
Palantir Technologies, a firm focussing on big data analytics, and Axon Enterprise, known for its body cameras and law enforcement technology, also joined the Nasdaq-100.
Palantir’s focus on AI and data integration has reportedly positioned it as a critical partner for governments and enterprises navigating complex challenges. Meanwhile, Axon’s advancements in public safety technology, including its work with AI, have bolstered its market value and relevance.
Meanwhile, Nasdaq-100 bid farewell to Illumina, Moderna, and Super Micro Computer. Illumina’s exit reportedly followed regulatory challenges and a slowdown in demand for its services. Moderna, a household name during the pandemic, reportedly faces shrinking revenues as COVID-19 vaccine demand wanes. Super Micro Computer, known for its computing hardware, also exits despite strong revenue growth.
In August, the Securities and Exchange Commission approved the launch of the first leveraged single-stock ETF based on MicroStrategy. Leveraged ETFs are designed to amplify performance. The securities regulator started approving leveraged single-stock ETFs after years of rejecting similar proposals.
