Strong gains in the cryptocurrency market this year have made software maker MicroStrategy worth more than nearly half of the companies in the S&P 500 index, Bloomberg reported. MicroStrategy is widely viewed as a Bitcoin hedge fund and currently has a market capitalization of approximately $40 billion. However, while MicroStrategy may be worth more than more S&P 500 companies, its inclusion in the index has not been smooth sailing. MicroStrategy is considered “a leveraged Bitcoin holding company.” The company is one of the largest listed holders of Bitcoin, with current holdings worth approximately $7 billion. If MicroStrategy successfully enters the S&P 500 index, it will become one of the largest companies directly tied to Bitcoin.
