Bitcoin News Today: S&P 500 Overlooks Bitcoin Powerhouse as Crypto Market Holds Its Breath

Bitcoin surged to $113,000 on Friday, September 5, marking its strongest level since late August and signaling a potential shift in investor sentiment ahead of the U.S. jobs report [3]. The price rally also pushed BTC dominance to nearly 59 percent, the highest in two weeks, as capital flowed back into Bitcoin following a period of rotation into ether. Analysts speculated that the “max pain” effect—where institutions steer prices toward levels where most option buyers lose money—might have played a role, given the $3.28 billion in BTC options expiring near $112,000 [3]. While the theory remains debated, Bitcoin’s movement aligned closely with its predictions in this instance.

Michael Saylor’s Strategy Inc., the enterprise software firm that has pivoted into holding a substantial Bitcoin portfolio, remained a focal point in the crypto and financial markets. The company, formerly known as MicroStrategy, has accumulated nearly $70 billion in Bitcoin through aggressive capital-raising efforts, turning it into the largest corporate holder of the cryptocurrency [1]. Despite meeting all the criteria for inclusion in the S&P 500—including profitability, liquidity, and market capitalization—it was not selected in the latest index rebalancing [2]. Instead, Robinhood Markets Inc., a digital trading platform with growing crypto ambitions, was unexpectedly added to the index, pushing its stock up 7% after the market closed [2].

The exclusion of Strategy from the index was met with a mixed market reaction. The company’s stock fell nearly 3% after hours, erasing the gains from the previous trading day [2]. The potential inclusion of Strategy in the S&P 500 had been seen as a transformative event, not just for the company but for the broader industry. If added, it would have forced passive funds tracking the index to purchase up to 50 million shares, worth approximately $16 billion at current prices [1]. For Saylor, this would have represented institutional validation of his Bitcoin-focused strategy, potentially exposing millions of investors to the asset through pension funds and other institutional portfolios [1].

The S&P 500’s recent inclusion of Coinbase Global Inc. and Block Inc. suggests the index is gradually recognizing the growing influence of the digital-asset sector [1]. According to Melissa Roberts, managing director and head of strategic opportunities and index rebalancing research at Stephens Inc., the S&P committee is clearly focused on building representation of leading companies in the index [1]. Strategy, despite not being selected this time, has one of the highest float-adjusted liquidity ratios among 26 potential candidates, indicating that it trades more efficiently relative to its market capitalization [1].

With Bitcoin climbing back to $113,000, the crypto market remains in a state of heightened anticipation. The U.S. jobs report, scheduled for release in the coming week, will be a key event that could shape the next major price movement. In parallel, institutional players are continuing to expand their foothold in the crypto ecosystem. Fireblocks recently launched a payments network tailored for stablecoin transactions, while Gemini expanded its European operations under the MiCA regulatory framework [3]. As the lines between traditional finance and digital assets blur, companies like Strategy and their strategies will remain under close scrutiny.

Source:

[1] Bitcoin Faithful Bet on Saylor's Strategy Being Added to S&P 500 (https://finance.yahoo.com/news/bitcoin-faithful-bet-saylor-strategy-143009749.html)

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

[3] Bitcoin Climbs Back to US$113K Ahead of US Job Report (https://www.nasdaq.com/articles/crypto-market-update-bitcoin-climbs-back-us-113k-ahead-us-job-report)