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MicroStrategy (MSTR) failed to secure inclusion in the S&P 500 index during its September 2025 rebalancing, despite having met all the necessary eligibility criteria, including a market capitalization exceeding $95 billion [2]. The decision, announced on September 5, 2025, sent MSTR shares down nearly 3% after-hours trading, wiping out gains made earlier in the day [1]. Analysts note that inclusion in the S&P 500 would have significantly elevated the company’s visibility among institutional investors and ordinary portfolio managers, serving as a potential bullish catalyst for the broader digital asset industry [3]. The decision highlighted S&P’s current preference for firms with diversified revenue streams, even among digital asset-linked companies.

Robinhood (HOOD), on the other hand, was unexpectedly added to the index in a move that boosted its share price by 7% in after-hours trading [1]. The retail trading platform, which has increasingly focused on digital assets, will join Coinbase (COIN) and Block (XYZ) as a crypto-linked firm within the S&P 500. The addition is part of the index’s quarterly reshuffling, which took effect on September 22 [2]. Robinhood’s inclusion underscores a broader trend of growing institutional confidence in digital asset platforms, particularly as they demonstrate strong revenue growth and user adoption. For the second quarter, Robinhood reported total sales of $989 million, up 45% year-over-year and above analyst expectations, despite a decline in crypto trading revenue [3].

The S&P 500’s current criteria emphasize not only market capitalization but also the sustainability of revenue and operational maturity. MSTR, while a pioneer in holding Bitcoin as corporate treasury assets, has not yet demonstrated the same breadth of business model diversification as other companies in the index. Its strategy of issuing equity-linked securities to fund further Bitcoin purchases, while successful in raising its valuation, has also led to increased scrutiny over the long-term viability of such an approach. Some financial observers have raised concerns about the potential for a “death spiral” if Bitcoin’s price dips below the company’s net asset value per share [5].

Market activity in MSTR stock reflected the uncertainty following the S&P announcement. Unusual call options activity showed heavy trading in deep out-of-the-money options expiring on September 12, with strike prices significantly above the current share price [2]. This speculative activity suggests that some investors are betting on a near-term rebound in MSTR’s stock, possibly in anticipation of a market reaction to broader trends in Bitcoin or further regulatory developments. The options trading also highlights the dual nature of MSTR as both a technology company and a proxy for Bitcoin’s price movements, a dynamic that continues to attract both institutional and retail traders.

The broader market context also influenced S&P’s decision-making. Institutional investor interest in cryptocurrencies has surged, with Bitcoin and Ethereum experiencing significant price gains and crypto-based exchange-traded funds seeing substantial inflows [3]. The S&P 500’s inclusion of Coinbase in May 2025 marked the first major entry of a crypto exchange into the index, reflecting a shift in investor sentiment. However, the exclusion of MSTR signals that S&P still maintains a cautious stance on companies whose balance sheets are largely tied to a single volatile asset class.

The decision to exclude MicroStrategy from the S&P 500 index highlights the ongoing debate about the role of cryptocurrencies in corporate balance sheets and the broader economy. While MSTR’s approach has been emulated by over 174 public companies, critics argue that such strategies expose firms to significant market risks [5]. Conversely, proponents view MSTR as a leader in a transformative financial model that could redefine corporate treasury management in the digital age. As the crypto industry continues to evolve, the S&P’s decision may prompt further discussions about how best to evaluate firms that operate at the intersection of traditional finance and emerging digital asset markets.

Source: [1] Robinhood Set to Join S&P 500 as Bitcoin Giant Strategy ... (https://finance.yahoo.com/news/robinhood-set-join-p-500-212855353.html) [2] Strategy, Inc. Shows Huge, Unusual Call Options Activity (https://finance.yahoo.com/news/strategy-inc-shows-huge-unusual-173002971.html) [3] Robinhood Set to Join S&P 500 as Bitcoin Giant Strategy ... (https://decrypt.co/338344/robinhood-set-to-join-sp-500-as-bitcoin-giant-strategy-misses-out) [4] Michael Saylor's Strategy Snubbed by S&P 500 Amid ... (https://www.coindesk.com/business/2025/09/05/michael-saylor-s-strategy-snubbed-by-s-and-p-500-amid-robinhood-s-surprise-inclusion) [5] Peter Thiel vs. Michael Saylor: Crypto treasury bet or bubble? (https://cointelegraph.com/news/peter-thiel-michael-saylor-crypto-treasury-bet-bubble)