Nasdaq has announced the addition of Michael Saylor's company, MicroStrategy, to its Nasdaq-100 index, effective December 23.
This decision also includes the addition of Palantir Technologies Inc. and Axon Enterprise, Inc. to the index, while Illumina, Inc., Super Micro Computer, Inc. and Moderna, Inc. will be removed.
This inclusion solidifies MicroStrategy's position as one of the 100 largest companies by market capitalization, as the software company has gained attention since becoming a de facto Bitcoin hedge fund in 2020.
In addition, the company will be included in the portfolio of Invesco QQQ Trust, an exchange-traded fund with approximately $322 billion in assets under management.