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

MicroStrategy shares rose nearly 7.4% in Frankfurt trading on Monday as the software company and bitcoin buyer was set to join the tech-heavy Nasdaq 100 index that could further fuel the steep rise in its stock price.

Investors are snapping up the three stocks that are set to join the Nasdaq 100 next week, judging by premarket action.

The Australian government is expanding its News Media Bargaining Code to include platforms like TikTok. After notable growth this year, MicroStrategy and Palantis will join

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.

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.