Bitcoin News Today: S&P 500 Opts for Stability Over Bitcoin’s Wild Ride

Despite a 12% Stock Market Drop, Strategy Explodes Michael Saylor’s Fortune

Michael Saylor’s company, Strategy (MSTR), was excluded from the S&P 500 index in September 2025, despite meeting all technical requirements for inclusion, including profitability and a market capitalization exceeding $92 billion. The decision surprised many investors who had anticipated its addition, particularly after the company reported one of its strongest quarters in recent history. Instead, Robinhood (HOOD), AppLovin, and Emcor Group were selected for inclusion, with the changes set to take effect on September 22. Analysts estimate that Strategy’s exclusion cost it approximately $16 billion in potential passive fund inflows that would have followed from inclusion in the index [1].

The S&P 500 index, long considered a barometer of the U.S. equity market, has increasingly demonstrated characteristics of an actively managed fund rather than a purely rules-based one, according to Bloomberg ETF analyst James Seyffart. Seyffart emphasized that the index committee has full discretion in adding or removing companies. Eric Balchunas, another industry analyst, noted that this flexibility allows the index to reflect broader market dynamics beyond quantitative metrics [1].

One potential reason for Strategy’s exclusion lies in its substantial exposure to Bitcoin. The company holds over 636,000 BTC in its treasury, a factor that may have raised concerns with the index committee. Jeff Park, CIO at ProCap BTC, explained that the committee evaluates not only financial metrics but also broader positioning and market impact. Park suggested that Strategy’s heavy Bitcoin exposure likely contributed to the decision [1].

The exclusion had an immediate impact on Strategy’s stock. Following the announcement, its shares dropped nearly 3% in after-hours trading, erasing gains made earlier in the week. Conversely, Robinhood’s stock surged more than 7% as investors reacted to its inclusion in the index. The so-called “index effect” caused funds tracking the S&P 500 to adjust their holdings accordingly, favoring newly added names [2]. Analysts noted that Strategy’s inclusion would have potentially driven significant inflows into its stock and indirectly supported the price of Bitcoin, given the company’s large crypto holdings [1].

The S&P 500’s decision to exclude Strategy highlights a broader trend of growing corporate interest in Bitcoin. Currently, corporate Bitcoin holdings exceed 1 million BTC, with firms like Strategy, Metaplanet, and Semler Scientific leading the charge. While this trend reflects a shift in how companies manage their treasuries, it also underscores the challenges faced by traditional index committees in accommodating unconventional asset strategies. Strategy’s aggressive accumulation of Bitcoin has influenced corporate treasury management strategies, but its approach remains at odds with the more conservative composition of major indices [1].

The broader market context also adds nuance to the discussion. Bitcoin itself has experienced volatility, with prices fluctuating around $110,757 as of late September. Despite the stock market's 12% drop, Saylor’s personal fortune has grown, reflecting the complex interplay between equity exposure and Bitcoin holdings. The market’s mixed signals illustrate the growing importance of alternative assets and the potential for divergence between traditional indices and emerging financial strategies [2].

Source:

[1] Strategy S&P500 Bitcoin Exclusion (https://bitbo.io/news/strategy-snp500-bitcoin-exclusion/)

[2] Michael Saylor’s Strategy Snubbed by S&P 500 Amid Robinhood’s Surprise Inclusion (https://www.coindesk.com/business/2025/09/05/michael-saylor-s-strategy-snubbed-by-s-and-p-500-amid-robinhood-s-surprise-inclusion)