MicroStrategy, the preferred high beta play on the price of bitcoin, will join the Nasdaq 100 index, a move that could further increase demand for the controversial stock that has been on a torrid run this year alongside the price of the cryptocurrency.

MicroStrategy will be added to the tech-heavy Nasdaq-100 Index, the exchange operator said on Friday, following a meteoric surge in the shares of the bitcoin buyer.

Development Company became one of the 75 largest non-financial firms in the Nasdaq after its explosive growth this year.

Michael Saylor’s MicroStrategy Inc. checks all the boxes for inclusion in the Nasdaq 100 Index, a development that would trigger purchases of the shares by the $451 billion worth of exchange-traded funds around the world that directly track the benchmark.

A Nasdaq 100 inclusion could spur more gains for MicroStrategy, whose bitcoin holding was valued at about $42 billion, as more investment firms include the stock in their portfolios to accurately reflect the index composition.

Bitcoin advocates MicroStrategy is now part of Nasdaq 100, joining Apple, Tesla, and others in a milestone in crypto's journey into the mainstream.

Nasdaq has revealed that Michael Saylor’s MicroStrategy firm will be included in the Nasdaq-100 Index. The exchange operator said on Friday, after a meteoric surge in the shares of the Bitcoin buyer.