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MicroStrategy could later this month join the Nasdaq 100 index, which includes many of the largest non-financial companies listed on the Nasdaq exchange.

A Nasdaq spokesperson told me that changes to the index will be announced tonight at 8 p.m. ET. The amendments will come into effect on December 23.

MicroStrategy has a market capitalization of around $95 billion and appears to be meeting the market demand requirements To be included, analysts say.

But the Nasdaq panel's decision could depend on MSTR's ICB rating, Bloomberg Intelligence analyst James Seyphart said in a recent research note. He explained that much of the company's stock performance is linked to the financial engineering derived from its Bitcoin purchases; It remains to be seen whether this could make it a "financial" (and ineligible) stock.

While TD Cowen analyst Lance Vitanza puts MSTR's odds of listing in the Nasdaq 100 in the 60-80% range (noting that its operating software business sets it apart from traditional financial companies), he told me he wouldn't be surprised if it was excluded.

Benchmark's Mark Palmer said the stock — which is already up 480% this year — could see another boost as a Nasdaq 100 listing would enable MSTR to benefit from giant passive funds (such as Invesco's QQQ) that buy blocks of stocks.

Vitanza said he was not sure that inclusion in the index would lead to any kind of rise in prices. However, it will certainly expand the universe of investors, increasing the company's access to capital in the long term, he added.

TD Cowen analysts raised their price target on the stock from $525 to $550 on Monday. MSTR shares were trading at approximately $397 at 2 p.m. ET.

“If they are excluded from the index, it will not change our view on the stock one iota,” Lee said.

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