MicroStrategy’s Nasdaq Debut Could Trigger $2.1 Billion ETF Buying Spree

A significant shift could be coming to the Nasdaq-100 index.

Senior Bloomberg ETF analysts James Seyffart and Eric Balchunas broke down the numbers Thursday, projecting that MicroStrategy’s inclusion would make it the 40th largest holding in the index with an estimated 0.47% weighting.

An official announcement is expected on December 13, with implementation scheduled for the following week, the analysts noted. 

Seyffart claims at least “$2.1 billion in shares by ETFs” would follow the inclusion, adding that this represents “about 20% of daily volume,” according to a shared note.

The analyst also said while MicroStrategy’s inclusion in the S&P 500 is challenging due to profitability requirements, upcoming Bitcoin accounting changes could open that door by 2025.

While its inclusion is not guaranteed, it is the “best estimate of what will go down,” according to Balchunas. Balchunas also responded to a query about grounds for possible exclusion, saying there was none from what they saw.

The Nasdaq and MicroStrategy did not immediately return a request for comment.

Another watershed moment

A possible inclusion marks a watershed moment for crypto-focused companies entering mainstream finance.

The Nasdaq-100 indexes the hundred largest non-financial companies on the Nasdaq exchange, serving as a key benchmark for sectors like technology, consumer services, and healthcare.

Its composition and performance directly influence market sentiment and investment flows, particularly in growth-focused sectors of the U.S. economy.

The index also underpins several investment products, most notably the Invesco QQQ Trust ETF, making it a critical mechanism for institutional and retail market participation.

With approximately $550 billion in ETF assets tracking the index, membership changes trigger substantial portfolio adjustments and can significantly impact trading volumes and market dynamics.

It comes as MicroStrategy scooped up another 21,550 BTC for $2.1 billion at $98,000 per coin on Monday. It’s also the firm’s fifth-straight purchase. The most recent buy brings its total crypto war chest to 423,650 BTC, worth roughly $42 billion at current prices.

The market has noticed this, too. MicroStrategy shares have skyrocketed over 450% this year, dwarfing Bitcoin’s 110% climb over the same period.

As a result, the company’s market value has swelled to $82 billion—up from $54.8 billion a month ago—as traditional investors seek crypto exposure through familiar equity markets.

Edited by Sebastian Sinclair