According to Eric Balchunas and James Seyffart, two respected ETF analysts, MicroStrategy may soon enter the Nasdaq 100. MicroStrategy is still classified as a tech stock, circumventing the restriction that finance companies are ineligible.
If this prediction comes true, it will take place this Friday for a listing on December 23.
MicroStrategy on Nasdaq 100?
Balchunas first declared this prediction via social media post yesterday, claiming that MicroStrategy would replace Moderna, a COVID-19 vaccine manufacturer.
Driven by its consecutive Bitcoin purchases, MicroStrategy’s stock price has been surging, and it has recently become one of the top 100 publicly traded US companies. However, NASDAQ must approve it to put it on the list.
As a publicly traded company, Nasdaq has made limited entries to the crypto industry in recent years. Last year, the SEC halted its plans to launch a crypto custody business, and the exchange hasn’t publicly discussed restarting them.
In August, it did facilitate BlackRock’s efforts to get options trading on its Ethereum ETF. Beyond that, however, Nasdaq has been quiet on the crypto front.
Meanwhile, James Seyffart concurred with Balchunas’ opinions via another post. He pointed out that Nasdaq does not permit finance companies to be on its list, and MicroStrategy may technically qualify.
The company’s fate is inexorably tied to Bitcoin’s performance, and thus, it is arguably a
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Author: Landon Manning
