SpaceX enters the Nasdaq 100; $4.3B in passive funds will need to scramble to secure positions before the market opens tomorrow—this liquidity shock is pretty interesting.

SpaceX will join the Nasdaq 100 Index on July 7, taking effect early under the new rules, with an estimated weight of less than 1%. JPMorgan estimates that ETFs and index funds tracking the index will passively buy approximately $4.3B worth of SpaceX stock, mainly completed between the close of July 6 and the open of July 7. SpaceX also holds 18,712 bitcoins, giving it a unique position among Nasdaq 100 constituents.