Bloomberg analyst James Seyffart wrote on 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 stock price performance is now largely tied to financial engineering, stemming from its purchase of Bitcoin. Chairman Michael Saylor has said that he hopes to transform MicroStrategy into a "Bitcoin bank." If the ICB reclassifies MicroStrategy as a financial stock, it will not be eligible for the Nasdaq 100.