According to BlockBeats, on June 27th, Nasdaq confirmed that SpaceX (SPCX) will be included in the Nasdaq 100 index on July 7th, potentially triggering a wave of passive buying. Inclusion in an index typically boosts the stock price because ETFs tracking the index's performance need to buy shares of the newly included company. JPMorgan Chase estimates that SpaceX's inclusion in the Nasdaq 100 index could bring in $4.3 billion in passive inflows.

SpaceX went public on Nasdaq on June 12. To attract more companies to list in the US, Nasdaq, along with index providers such as FTSE Russell and MSCI, had previously relaxed some inclusion requirements, including profitability, number of days on the market, and the number of shares available for trading. SpaceX's performance has fluctuated between significant losses and small profits over the past three years, with a net loss of $4.9 billion last year.

"Clearly, there's huge market demand, which is why they're quickly including it in their index," said Michael Field, chief equity market strategist at Morningstar. He added that many will be happy about it, but some fund managers and skeptics may not agree, with Morningstar believing the stock is overvalued. Investors typically gain broader market exposure through Invesco funds like QQQ and QQQM, which track the Nasdaq 100. Furthermore, large language modeling companies like OpenAI and Anthropic are expected to file for IPOs this year or next, potentially seeking valuations exceeding $1 trillion.

However, S&P Global stated this month that it will not adjust the requirements for SpaceX to be included in major indices such as the S&P 500, and will only consider including it in the relevant indices after at least 12 months.

According to BlockBeats, on June 27th, Ripple CEO Brad Garlinghouse stated in an interview with CNBC that he remains bullish on Bitcoin, but believes that Strategy's model of buying Bitcoin through preferred stock financing has harmed the crypto market. Garlinghouse stated, "Financial engineering doesn't drive long-term value." He believes that the long-term value of any digital asset comes from its utility, and added, "Michael Saylor's team wasn't focused on the right things, which hurt the overall market."

Garlinghouse's criticism focuses on Strategy's funding mechanism for accumulating Bitcoin. For the past year or so, Strategy has raised funds through the issuance of preferred stock to continue purchasing Bitcoin. Its STRC stock has an annual dividend yield of 11.5% and is designed to trade near $100. Garlinghouse points out that STRC is currently about 25% below that level, a "stern rebuttal" to the strategy. STRC hit a record low on Thursday, at one point falling about 26% below par value. Meanwhile, Strategy's common stock fell to its lowest level since February 2024, closing near $82 on Friday; Bitcoin, meanwhile, fell below $59,000.

This week, Strategy's funding model faced further pressure. CryptoQuant suggested that Strategy should pause its Bitcoin purchases and rebuild its cash reserves. The STRC dividend payout period has been shortened from over seven years to approximately 14 months. Strategy's mechanism of issuing shares and buying Bitcoin would stall if STRC fell below $100, which is why the company suspended this mechanism. Benchmark-StoneX analyst Mark Palmer believes that Strategy's funding engine has merely become "less efficient," not failed, and objects to comparing STRC to assets that have completely collapsed.