shares of MicroStrategy were higher on Monday after Nasdaq announced that the bitcoin proxy will join the tech-heavy Nasdaq-100 index.

The stock was last lower by less than 1%, after jumping as much as 7% earlier.

Nasdaq rebalances its Nasdaq-100 index every year. The companies marked for inclusion are mostly based on market cap rankings from the last trading day of November. Stocks also need to meet a liquidity requirement and have a certain number of free floating shares.

The inclusion of the index, which takes effect on December 23, comes after the massive rise of MicroStrategy this year. In 2024, the stock increased by 547%, well exceeding the S & P 500's 26.9% upfront, as bitcoin price rises to all-time highs. Bitcoin last traded around $105,900.66, up 2.6% on the day.

The addition also means that MicroStrategy will be included in the popular Invesco QQQ Trust ETFwhich tracks the Nasdaq-100. This will likely lead to passive inflows for MicroStrategy stock, potentially giving it another boost.

Michael Saylor, the company's founder and chairman, also announced on social media site X on Monday morning that MicroStrategy bought an additional 15,350 BTC for about $1.5 billion, or roughly $100,386 for each currency. He now has 439,000 bitcoins.

MicroStrategy has been building up its bitcoin reserves for years, making it a proxy for the digital currency.

"MSTR's Bitcoin purchase program is unprecedented on the streets, making it the largest corporate owner of Bitcoin (2% of supply equivalent to $44Bn market value)," the analyst of Bernstein Gautam Chhugani wrote on Monday. "Inclusion in Nasdaq100 further enhances MSTR's market liquidity, further expands its capital flywheel and Bitcoin purchase program."

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