Bitcoin News Today: S&P 500 Leaves Bitcoin-Heavy MSTR Out, Picks Robinhood in Strategic Shift

Michael Saylor's company, Strategy, was excluded from inclusion in the S&P 500 index, despite fulfilling all technical requirements for consideration [1]. This decision surprised many investors who had anticipated the company's addition to the index, particularly after it reported one of its strongest quarters and maintained a market capitalization above $92 billion. Instead, Robinhood, AppLovin, and Emcor Group were selected for inclusion, with the changes set to take effect on September 22 [3].

The S&P 500 index, often described as functioning more like an actively managed fund than a purely rules-based one, is subject to the discretion of its index committee [3]. Bloomberg ETF analyst James Seyffart explained that the committee has the authority to add or remove companies based on their strategic decisions. Eric Balchunas of Bloomberg added that factors beyond numerical metrics, such as market dynamics and company positioning, play a role in these choices. Analysts suggest that Strategy’s significant Bitcoin exposure—over 636,000 BTC in treasury—was a factor in its exclusion [3].

Following the announcement, Strategy’s stock (MSTR) declined by approximately 2% in after-hours trading, while Robinhood experienced a surge of over 7%, attributed to the so-called “index effect,” as funds tracking the S&P 500 adjusted their holdings accordingly [3]. Analysts estimate that inclusion would have generated roughly $16 billion in passive fund inflows into Strategy’s stock, which could have positively impacted both its stock price and Bitcoin’s value, given the company’s substantial Bitcoin holdings [3].

This decision coincides with a broader trend of corporate Bitcoin accumulation, with Strategy now holding over 636,000 BTC valued at approximately $71 billion. The company recently added another 1,955 BTC to its portfolio, spending $217.4 million and bringing its total holdings to 638,460 BTC [4]. Despite this aggressive accumulation strategy, Strategy’s approach remains contentious with traditional index committees, highlighting the tension between emerging financial technologies and traditional investment benchmarks.

The exclusion of Strategy from the S&P 500 reflects the ongoing debate over how to classify and regulate digital assets within traditional financial systems [5]. The U.S. Senate is currently working on the Responsible Financial Innovation Act of 2025, aimed at clarifying when digital assets should be regulated as securities [7]. This legislative effort is part of a larger global discussion on cryptocurrency governance and its implications for existing financial infrastructure. As the digital economy evolves, the challenge for policymakers is to strike a balance between fostering innovation and maintaining financial stability. The decisions made in the coming months could have significant implications for how institutions and markets interact with digital assets and whether they continue to see them as complementary or competitive to traditional currencies and investment vehicles.

Source:

[1] MSTR News: Strategy Stock Falls as Robinhood Beats It to S&P 500 Inclusion (https://www.coindesk.com/business/2025/09/05/michael-saylor-s-strategy-snubbed-by-s-and-p-500-amid-robinhood-s-surprise-inclusion)

[2] Strategy Excluded From S&P 500 Due to Bitcoin Exposure (https://bitbo.io/news/strategy-snp500-bitcoin-exclusion)

[4] Crypto Market Update: Robinhood Secures S&P 500 Spot (https://www.nasdaq.com/articles/crypto-market-update-robinhood-secures-sp-500-spot-sec-closes-crypto-probe)

[5] Networks of Money: Shoring Up Dollar Dominance with Cryptocurrency (https://www.internetgovernance.org/2025/09/05/networks-of-money-shoring-up-dollar-dominance-with-cryptocurrency/)

[6] The 2025 Global Adoption Index (https://www.chainalysis.com/blog/2025-global-crypto-adoption-index/)

[7] Senate Still Wrestling With Crypto and Digital Asset Policy (https://www.bankingexchange.com/news-feed/item/10406-senate-still-wrestling-with-crypto-and-digital-asset-policy)