Bitcoin’s price was recently up 1.41% at $103,926, according to CoinMarketCap, after reaching a new record high of $106,554 in the early Monday trading session. Investors expect the Fed to decrease interest rates this week during its two-day policy meeting, which ends Wednesday.
MicroStrategy shares rose Monday, closing more than 5% higher in premarket trading, according to CNBC data. In 2024, the MicroStrategy stock is up 547%, considerably surpassing the S&P 500’s 26.9% gain, as the price of Bitcoin reaches all-time highs.
MicroStrategy has been accumulating Bitcoin reserves for years, making it a proxy for the digital currency. With the recent purchase of 15,350 BTC, the company’s Bitcoin stockpile has increased to 439,000 BTC. Bitcoin is currently up over 8% for the month and 145% for the year.
Every year, Nasdaq rebalances its Nasdaq-100 index, and the companies chosen for inclusion are primarily based on market capitalization rankings as of the last trading day of November. In addition, the stocks must meet liquidity requirements and have a specific amount of free-floating shares.
Gains of more than 40% in the last three months have increased MicroStrategy’s market value to about $100 billion, more than half of the Nasdaq-100’s members, meeting a major requirement for membership.
This recent move also means MicroStrategy will be included in the renowned Invesco QQQ Trust ETF, which tracks the Nasdaq-100. This is likely to result in passive inflows into MicroStrategy stock, potentially providing it with another boost.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
