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In a major development, tech behemoths Palantir Technologies Inc. (NYSE:PLTR) and Dell Technologies Inc. (NYSE:DELL) are all set to join the blue-chip S&P 500 index.
Typically, the inclusion is positive for stocks due to increased trading volume and liquidity resulting from purchases by index funds, ETFs, and other funds mirroring the index.
Interestingly, the people at the helm of these companies have been known for their affinity with Bitcoin (CRYPTO: BTC).
Palantir co-founder Peter Thiel has a significant history with the leading cryptocurrency.
Founders Fund, the venture capital firm established by Thiel, made $1.8 billion through Bitcoin investments just before the market collapsed in 2022. It then purchased another $100 million in Bitcoin in 2023, when the cryptocurrency was trading below $30,000.
Personally, Thiel considers Bitcoin a "moderately big invention." In a recent episode of the Joe Rogan Experience podcast, he stated, "We can debate whether it was good or bad, but it was a pretty big deal and was systematically underestimated for at least the first 10–11 years."
Dell founder and CEO Michael Dell, on the other hand, has only recently expressed an interest in King Crypto through cryptic social media interactions.
It all started when he shared on X a digitally modified image of Sesame Street’s Cookie Monster, depicted as consuming Bitcoin instead of cookies.
In one instance, Dell wrote “Fascinating Bitcoin” in reaction to BlackRock CEO Larry Fink calling Bitcoin a legitimate financial asset.
More recently, the billionaire business tycoon commented "Enjoy Bitcoin" in response to a Sept. 7 exchange with another X user.
Bitcoin supporters have construed these posts as signals that Dell Technologies, like MicroStrategy, may include the world's largest digital asset on its balance sheet in the future.
Price Action: At the time of writing, Bitcoin was exchanging hands at $57,200.41, up 4% in the last 24 hours, according to data from Benzinga Pro. Shares of Dell popped 3.83%, while Palantir’s stock soared 14% on Monday on the S&P 500 listing.
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