Bitcoin News Today: Bitcoin's Corporate Champion Snubbed as Robinhood Joins S&P 500

MicroStrategy, the enterprise software company and one of the largest corporate holders of Bitcoin, has been excluded from inclusion in the S&P 500 despite meeting the criteria for the index, according to recent announcements by S&P Dow Jones Indices. The decision was confirmed on September 5, 2025, when the index’s quarterly rebalancing was completed. While the company reported one of its strongest quarters in history, it did not secure a spot in the widely watched benchmark index [3]. The news led to a nearly 3% drop in MicroStrategy’s stock after hours, wiping out gains made earlier in the day [3].

The exclusion comes amid growing corporate adoption of Bitcoin, with MicroStrategy having purchased over 636,505 BTC, valued at approximately $70 billion as of the time of the announcement [4]. CEO Michael Saylor has been a vocal advocate for Bitcoin as a corporate asset and has led the charge for institutional investment in the cryptocurrency. Despite this, the S&P 500 committee opted for other firms, including Robinhood, which was unexpectedly added to the index. Robinhood’s stock rose by 7% after hours following the announcement [3].

The S&P 500 currently includes only two other crypto-related firms: Coinbase and Block (formerly Twitter). Robinhood will now join this list as the third publicly traded firm with a significant focus on cryptocurrency. The decision to include Robinhood appears to have been driven by its increasing role in crypto trading and its recent forays into tokenized assets, such as OpenAI. The addition of Robinhood is expected to take effect on September 22 [3].

The exclusion of MicroStrategy from the S&P 500 has sparked speculation about the index’s criteria for inclusion. While the firm has demonstrated strong financial performance, its heavy exposure to Bitcoin may have raised concerns for index managers. Some analysts suggest that the inclusion of Robinhood instead of MicroStrategy signals a cautious approach to companies with significant ties to the volatile cryptocurrency market. JPMorgan strategist Nikolaos Panigirtzoglou recently noted that corporate treasuries now hold over 6% of the total Bitcoin supply, contributing to a stabilization in its volatility [2].

Despite being excluded from the index, MicroStrategy’s influence in the crypto space remains significant. The company’s investment strategy has inspired other corporations to allocate Bitcoin to their balance sheets. For instance, Trump Media & Technology Group, GameStop, and Japanese hotel operator Metaplanet have all acquired Bitcoin in 2025, according to data from Bitcoin Treasuries [2]. This trend has contributed to a broader normalization of Bitcoin in corporate finance, even as its volatility continues to be a subject of debate.

The broader market for Bitcoin has also shown signs of maturation. Over the past few years, its price swings have narrowed, with peak-to-trough volatility reducing from around 80% in 2017 to below 50% by 2024. This trend has continued into 2025, with three- and six-month rolling volatility reaching historically low levels despite record price highs [2]. The launch of new financial products such as futures contracts and ETFs has further broadened Bitcoin’s investor base and contributed to its growing acceptance as an asset class.

Source:

[1] title1 (https://coinshares.com/insights/advisors-brief/volatility-is-opportunity/)

[2] title2 (https://finance.yahoo.com/news/bitcoin-is-getting-boring-that-could-open-more-doors-for-the-crypto-asset-on-wall-street-091231252.html)

[3] title3 (https://www.coindesk.com/business/2025/09/05/michael-saylor-s-strategy-snubbed-by-s-and-p-500-amid-robinhood-s-surprise-inclusion)

[4] title4 (https://finance.yahoo.com/news/michael-saylor-microstrategy-misses-p-002101210.html)