Bloomberg analyst James Seyffart wrote on the X platform that whether Microstrategy (MSTR) can be classified as a Nasdaq 100 may depend on its ICB classification. If the company's operating business is software-as-a-service, it will be classified as a technology stock. But its share price performance is now largely tied to financial engineering, stemming from its purchase of bitcoin. Chairperson Michael Saylor has said he wants to turn MicroStrategy into a "bitcoin bank". If the ICB reclassifies MicroStrategy as a financial stock, it will not qualify as a Nasdaq 100.