Bitcoin News Today: Bitcoin's Giant Loses S&P 500 Bid, Buys More Despite Stock Slide

Robinhood’s stock surged 15% following its surprise inclusion in the S&P 500 index, while MicroStrategy (MSTR), which had long been seen as a potential candidate, was passed over. The decision highlighted the competitive nature of index additions and underscored the impact such inclusions can have on market sentiment and valuation. Robinhood’s stock climbed 7% in early trading after the announcement, while MSTR shares fell nearly 3% in after-hours trading on Friday, reflecting investor reaction to its exclusion [2].

MicroStrategy, led by Michael Saylor, continues to aggressively accumulate Bitcoin, purchasing an additional 1,955 BTC for $217 million at an average price of $111,196 per coin. This brings the company’s total holdings to 638,460 BTC, valued at approximately $71.5 billion at current prices, maintaining its position as the largest publicly traded Bitcoin holder [2]. The purchase, funded through an at-the-market offering and preferred stock sales, underscores MicroStrategy’s ongoing commitment to Bitcoin as a core asset despite recent shareholder concerns over valuation metrics and potential dilution [1].

The S&P 500 inclusion criteria consider factors such as market capitalization, profitability, and economic relevance, and while MicroStrategy met the technical requirements, it was ultimately excluded in favor of Robinhood. Analysts noted that the decision may reflect S&P’s emphasis on market representation and liquidity. QCP Capital observed that Bitcoin’s ability to maintain prices above $110,000 “despite Strategy's exclusion from the S&P 500” demonstrates resilience in the cryptocurrency market [2]. However, the exclusion appears to have amplified short-term volatility in MSTR’s stock, which has declined by 26% since July, with its market-to-nav (mNAV) ratio now at 1.5x compared to its earlier promise of maintaining at least 2.5x [1].

Robinhood’s inclusion in the S&P 500 reflects its growing influence in the fintech sector and is expected to boost its visibility and liquidity. The company’s inclusion has drawn comparisons to other recent additions like AppLovin and EMCOR Group, which also saw share price gains in the lead-up to the index change. Index-tracking funds are anticipated to increase their holdings in Robinhood to align with the S&P 500’s rebalancing, creating additional demand for its stock. Analysts have historically observed that S&P 500 additions often result in higher trading volumes and greater institutional interest, as passive investment products automatically adjust to include the new component [3].

Market observers remain divided on whether MicroStrategy’s continued Bitcoin accumulation strategy is sustainable amid shareholder concerns and valuation pressures. The company’s mNAV metric, which compares its stock price to the value of its Bitcoin holdings, has weakened as share prices fell. This has raised questions about the company’s capital structure and its ability to maintain investor confidence without dilution. Despite these challenges, MicroStrategy’s Bitcoin yield for shareholders remains strong at 25.8% year-to-date, according to its latest filing [2]. Meanwhile, other corporate Bitcoin holders, including Japan’s Metaplanet Inc. and El Salvador’s government, continue to add to their holdings, signaling a broader trend of institutional adoption [2].

The broader market context shows continued optimism in both equities and commodities, with U.S. futures rising and European stocks gaining momentum. Bitcoin itself has remained resilient, trading near $112,000 and reflecting strong investor appetite despite market volatility. As companies like Robinhood gain exposure through S&P 500 inclusion and others like MicroStrategy double down on Bitcoin, the interplay between traditional finance and digital assets continues to evolve, offering both opportunities and challenges for institutional investors and public markets alike.

Source:

[1] Michael Saylor's Strategy Buys Another 1955 BTC for $217M (https://www.coindesk.com/business/2025/09/08/michael-saylor-s-strategy-buys-another-1-955-btc-for-usd217m)

[2] Strategy Buys $217 Million More In Bitcoin After S&P 500 Snub (https://finance.yahoo.com/news/strategy-buys-217-million-more-130656042.html)

[3] Making It Into The S&P 500 (https://seekingalpha.com/article/4820391-making-it-into-the-s-and-p-500)