Tysons, Virginia-based MicroStrategy is one of three companies being added to the Nasdaq 100 index.
MicroStrategy, along with Palantir Technologies and Axon Enterprise, will join the Nasdaq 100 effective Dec. 23.
Marriott international is the only other company with headquarters in the D.C. region currently listed in the Nasdaq 100 index.
The index is composed of the 100 largest non-financial companies listed on the Nasdaq stock market and is adjusted annually each December. It acts as a benchmark for the performance of leading Nasdaq stocks. The tech-heavy Nasdaq stock market introduced the index in 1985.
MicroSrategy’s market cap has swelled to nearly $98 billion this year, after its stock rallied 550%.
The data mining company has transformed itself into a proxy for cryptocurrency bitcoin. Since 2020, it has amassed bitcoin holdings worth more than $41 billion at current market value, making it one of the world’s largest holders of the cryptocurrency.
On Monday, the company purchased an additional $1.5 billion in bitcoin through the sale of stock — its sixth consecutive week announcing new bitcoin acquisitions.
As a result of its inclusion in the Nasdaq 100 index, MicroStrategy will also be included in the popular Invesco QQQ Exchange Traded Fund, which tracks the index’s performance.
Bitcoin has reached several record highs in recent weeks. Its value has more than doubled in 2024.
Illumina, Super Micro Computer and Moderna are being removed from the Nasdaq 100 index as a result of its reconstitution.
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