MicroStrategy could join the Nasdaq 100 index, which includes many large non-financial companies, this month, Blockworks reported. A Nasdaq spokesperson said the index changes will be announced tonight at 8 ET and take effect on December 23.

MicroStrategy, with a market capitalization of about $95 billion, meets the inclusion requirements, but its ICB classification could affect the decision. Analysts noted that its stock performance is tied to bitcoin purchases and may be considered a "financial" stock and not eligible.

TD Cowen analyst Lance Vitanza puts the probability of its inclusion at 60-80%, but does not rule out the possibility of being excluded. Benchmark's Mark Palmer said inclusion could boost the stock price, but Vitanza is skeptical.

TD Cowen raised its price target on the stock to $550 from $525, with MSTR shares trading around $397 at 2 p.m. ET. Even without inclusion in the index, analysts’ views on the stock would not change.