Michael Saylor’s MicroStrategy Inc. checks all the boxes for inclusion in the Nasdaq 100 Index, a development that would trigger purchases of the shares by the $451 billion worth of exchange-traded funds around the world that directly track the benchmark.

MicroStrategy's (NASDAQ:MSTR) growth engine could shift into overdrive, Bernstein suggested in a recent note, as the company's potential inclusion in the Nasdaq 100 Index might amplify its bitcoin-driven momentum and attract more capital for further bitcoin (BTC-USD) purchases.

A Nasdaq 100 inclusion could spur more gains for MicroStrategy, whose bitcoin holding was valued at about $42 billion, as more investment firms include the stock in their portfolios to accurately reflect the index composition.

MicroStrategy’s inclusion on the Nasdaq 100 index largely depends on whether it is classified as a software developer or a financials company