Bitcoin Buyer MicroStrategy Leads Trio of Nasdaq 100 Index Debuts

Bitcoin Buyer MicroStrategy Leads Trio of Nasdaq 100 Index Debuts

Key insights

  • Palantir, MicroStrategy and Axon Enterprise joined the Nasdaq 100 index on Monday.
  • The index contains the 100 largest non-financial companies in the Nasdaq Composite Index and is reconstituted annually.
  • The new additions replace Super Micro Computer, Moderna and Illumina.

Palantir Technologies (PLTR), MicroStrategy (MSTR) and Axon Enterprise (AXON) joined the Nasdaq 100 Index on Monday, displacing Super Micro Computer (SMCI), Moderna (MRNA) and Illumina (ILMN), Nasdaq said Friday .

Shares of software maker Palantir fell about 5% after the opening bell, while major Bitcoin holder MicroStrategy rose more than 4% and Taser gun maker Axon fell more than 3%. Notably, MicroStrategy may also be trading higher due to its recent large Bitcoin purchase. According to an SEC filing on Monday, the cryptocurrency’s largest corporate holder purchased 15,350 bitcoins for about $1.5 billion, or $100,386 per bitcoin.

The Nasdaq 100, which includes the 100 largest non-financial companies in the Nasdaq Composite Index, is reconstituted annually in December and rebalanced quarterly to weight its constituents by market capitalization.

Because three companies will be added to the Nasdaq 100, three previously listed companies must be removed. Among the companies being delisted, Supermicro could be delisted from the Nasdaq stock market entirely if it fails to submit its delayed annual report by the February deadline. The server manufacturer has also hired a consulting firm to help raise capital. Bloomberg reported on Friday. Supermicro shares fell about 5% on Monday morning.

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