Bitcoin News Today: Bitcoin's Biggest Holder Snubbed as Robinhood Wins S&P 500 Entry

Michael Saylor’s MicroStrategy (MSTR) fell nearly 2.9% in after-hours trading after the S&P 500 index excluded the company from its latest rebalancing, a decision that contrasted sharply with the unexpected inclusion of Robinhood Markets (HOOD). The move came despite MicroStrategy meeting all the criteria for inclusion in the index, including its strong financial performance and significant market capitalization [1]. The stock closed at $335.87 on the day, rising 2.53%, but plummeted to $326.99 in after-hours trading [2].

The S&P 500 is a benchmark for the largest public companies in the U.S. and is closely watched by investors and fund managers. The index currently includes two other crypto-related firms: Coinbase (COIN) and Block, Inc. (XYZ). With the addition of Robinhood, the index now hosts three publicly traded companies with direct exposure to the cryptocurrency market [1]. Robinhood's stock surged 7% after hours following its inclusion in the index, a significant move for a company that has recently stirred controversy over its tokenized stock offerings and broader crypto ambitions [2].

MicroStrategy, which has become one of the largest corporate holders of Bitcoin, possesses a portfolio of 636,505 BTC valued at approximately $70 billion as of the time of the announcement [2]. The firm, under Saylor’s leadership, has been a vocal advocate for Bitcoin as a corporate treasury reserve asset. The exclusion from the S&P 500 was seen as a setback for both the company and the broader industry, as it would have exposed millions of average investors and portfolio managers to MicroStrategy’s business model and its Bitcoin holdings [1].

Robinhood, on the other hand, was added to the S&P 500 alongside AppLovin Corp. (APP) and Emcor Group Inc. (EME). The changes will take effect on September 22 and mark a significant milestone for the crypto trading platform, which has seen increasing adoption and engagement with digital assets. Robinhood’s stock closed at $101.25 on the day of the announcement, but it rose to $108.40 in after-hours trading following the news of its inclusion [2].

The addition of Robinhood to the S&P 500 highlights a growing trend of institutional recognition of the financial technology sector, particularly in relation to cryptocurrency. The index now includes three publicly traded firms with crypto exposure—Coinbase, Block, and Robinhood—reflecting a broader acceptance of digital assets in traditional financial markets [1]. For MicroStrategy, the decision underscores the challenges of securing a spot in a highly selective index, even for a company with a strong performance track record and strategic alignment with emerging asset classes [2].

The decision also raises questions about the criteria used by S&P 500 index constituents and the broader implications for companies that are redefining their business models around emerging technologies and assets. While MicroStrategy continues to grow its Bitcoin holdings and influence in the market, the lack of inclusion in the index may impact its visibility and investor sentiment in the short term. However, the company’s long-term strategy remains focused on expanding its role as a leader in the corporate adoption of Bitcoin [2].

Source: [1] MSTR News: Strategy Stock Falls as Robinhood Beats It to S&P 500 (https://www.coindesk.com/business/2025/09/05/michael-saylor-s-strategy-snubbed-by-s-and-p-500-amid-robinhood-s-surprise-inclusion) [2] Michael Saylor's MicroStrategy misses S&P 500, Robinhood to make unexpected entry (https://www.thestreet.com/crypto/markets/hopes-dashed-as-microstrategy-snubbed-in-s-p-500-rebalance) [3] Robinhood finally gets a place in the S&P 500. These other stocks are moving in and out (https://www.marketwatch.com/story/s-p-500-changes-are-due-out-soon-and-this-could-be-a-big-update-7dfb8e8b) [4] Michael Saylor's MicroStrategy misses S&P 500, Robinhood ... (https://finance.yahoo.com/news/michael-saylor-microstrategy-misses-p-002101210.html)