The Department of Justice (DOJ) has already begun transferring portions of the cache, moving nearly $2 billion worth of Bitcoin to Coinbase on December 3, under a custody arrangement with Coinbase Prime through the U.S. Marshals Service.
The ISA’s decision comes nearly a year after the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin exchange-traded funds (ETFs), sparking a surge in global interest in Bitcoin-based investments.
The inclusion in the Nasdaq-100 was widely praised by Bitcoin proponents, with analysts pointing to the potential impact on trading volume and price.
The motion, led by Mayor Ken Sim, was passed during a City Council Standing Committee meeting, initiating a feasibility study on accepting taxes and fees in Bitcoin and converting a portion of the city’s financial reserves into the cryptocurrency.
Seyffart noted that the potential addition could attract at least $2.1 billion in share purchases by exchange-traded funds (ETFs), accounting for approximately 20% of MicroStrategy’s daily trading volume.
