Bitcoin has become an unstoppable force in the past couple of weeks, reaching unbelievable prices amidst a positive market. But while Bitcoin itself is enjoying a really good spell, its good luck seems to be rubbing off in one way or the other on affiliated entities, from individuals to companies. Crypto-positive businessman Elon Musk recently became the first man to hit a wealth cap of $400 billion, but one other Bitcoin-friendly company has also achieved a similarly impressive feat. 

Breaking news on Friday was MicroStrategy, the American development company joining the Nasdaq 100. The listing was announced by none other than Nasdaq itself in a press release that included all the annual changes to the Nasdaq-100 index.

Nasdaq’s listing announcement also brought MicroStrategy some good fortune. Moments after the announcement, MicroStrategy’s MSTR stock rose tremendously. At the time of the announcement, the stock was trading at 0.57%. However, it picked up dramatically after and is currently trading at around $411.00, according to MarketWatch.

The Nasdaq 100 is a list reserved exclusively for an elite group of non-financial companies. It serves as a benchmark for insights into the companies’ performance and investor sentiment. The companies listed currently include Nvidia, Meta, Apple, Microsoft, and, of course, MicroStrategy.

News of MicroStrategy’s ascension did not only delight the company and its investors, but it was also good news for the crypto community and Bitcoin enthusiasts in particular. It’s a big step in international recognition for digital assets. 

Micheal Saylor, the founder of MicroStrategy, has headed the company ever since he founded it in 1989, and in recent years, he has steered the firm into being aggressively crypto-positive. 

Under Saylor, the business intelligence firm started acquiring Bitcoin in 2020 under what the company termed a $425 million investment. The company has since doubled down on its Bitcoin buying spree, increasing its holdings by $1.5 billion. 

As of the time of this writing, MicroStrategy has over $423,650 BTC in its holdings. This is about $42.8 billion worth of BTC, which dwarfs its initial $425 million and makes the Nasdaq-100 newcomer one of the largest institutional investors in Bitcoin in history.

It might come as a surprise to know that despite Michael Saylor’s bullishness on Bitcoin, he was once a Bitcoin detractor, saying that Bitcoin’s days were numbered. However, he has more than atoned for those detracting statements ever since, not just with positive statements about Bitcoin but also with his company’s massive Bitcoin investment.

MicroStrategy’s unwavering faith and massive investment in Bitcoin are positive for the crypto community. It’s about the best publicity the coin can get. Still, aside from that, this move is expected to encourage more massive institutional investment in Bitcoin and crypto generally, which in turn could spell a further increase in price for the world’s most valuable coin.

MicroStrategy Bolsters Bitcoin Holdings with $615 Million Purchase | HODL FM
MicroStrategy strengthens its position in the cryptocurrency market with a $615 million purchase of 14,620 bitcoins, increasing its total holdings to 189,150 bitcoins.
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