MSTR is expected to be included in the Nasdaq 100 Index, thereby entering the world's largest ETF: QQQ, which will bring passive capital inflows to MSTR.

Written by: Jiang Zihan, Wall Street Insights

Bitcoin, which has skyrocketed from a few cents 15 years ago, has finally broken the $100,000 mark.

On the morning of December 5, Bitcoin first surpassed $100,000 per coin, and as of the time of writing, it is priced at $102,814.5 per coin. Over the past 5 years, the price of Bitcoin has increased by 1267%.

Along with the rising tide of Bitcoin, the leading Bitcoin company MicroStrategy (MSTR) has also seen gains. On Thursday, Eastern Time, most cryptocurrency concept stocks surged and then retreated, with MSTR initially rising nearly 9.6% before dropping over 5.8%.

Analysts believe that MSTR is likely to be included in the Nasdaq 100 Index, thus entering the $312 billion ETF that tracks the Nasdaq 100 Index: Invesco QQQ ETF (QQQ).

Joining QQQ means that MSTR will enter an ETF that regularly sees billions of dollars in daily trading volume alongside giants like Nvidia and Apple—this guarantees MSTR passive and permanent capital inflows. Bitwise Chief Strategist Jeff Park stated:

"This will expose MSTR to some investors who would not have purchased MSTR stock individually."

Analysts point out that once officially included in the Nasdaq 100 Index, Invesco funds will purchase MSTR stock to match its weight in the index, which will bring over $1 billion in new funds to MSTR.

For the Nasdaq 100 Index and QQQ, including MSTR also means their fate will become more dependent on Bitcoin. Tesla, which is already in the index and ETF, holds about $900 million in Bitcoin, but this is far less than MSTR's $37 billion position. Ben Werkman, founder of quantitative research firm NumerisX, stated:

"For millions of passive investors, owning an ETF like QQQ also provides Bitcoin exposure for their portfolios, as these funds typically buy at any price, and their participation could potentially exert significant upward pressure on (MSTR) stock prices."

The Nasdaq 100 Index roughly tracks the 100 largest non-financial companies listed on the Nasdaq exchange. Every December, Nasdaq adjusts the components of the Nasdaq 100 Index, and these changes are subsequently adopted by Invesco funds. On December 13, Nasdaq will announce the final results for this year.

Currently, MSTR meets all the conditions for entering the Nasdaq 100 Index, and among the qualifying companies, MSTR ranks 66th by market capitalization, while the top 75 companies will be automatically included in the Nasdaq 100 Index.

However, some analysts have raised the question of whether the Nasdaq committee will view MSTR as a non-financial company. Benchmark General Manager Mark Palmer stated:

"MSTR currently meets the inclusion criteria; however, its Bitcoin acquisition strategy may complicate the Nasdaq committee's analysis."

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