MARA Holdings, a leading cryptocurrency mining company, is expected to join the Nasdaq 100, according to Michael Saylor, the founder of MicroStrategy.
MARA Holdings has been actively working towards this goal, with recent investments in Bitcoin exceeding $600 million. The company's market capitalization currently stands at approximately $7.32 billion.
The inclusion of companies in the Nasdaq 100 is based on their market capitalization, with only the top 100 firms qualifying. MicroStrategy's market cap reached $94.77 billion, while MARA Holdings' market cap is $22.73.
Existing firms, including Illumina, Super Micro Computer, and Moderna, will be removed from the index to make room for new entrants.
MARA Holdings' strategic moves align with the growing interest and volatility in the cryptocurrency market. The company emphasizes the need for the U.S. to secure its position in Bitcoin and Bitcoin mining, citing national security and economic interests.
This reflects a broader sentiment in the industry that the U.S. must take proactive measures to maintain its advantages. MARA Holdings argues that Bitcoin is crucial for safeguarding economic interests, similar to how the U.S. has historically secured its gold reserves.
The potential inclusion of MARA Holdings in the Nasdaq 100 would validate Bitcoin-related businesses and signal a shift in how traditional financial markets engage with the cryptocurrency sector.