Bitcoin News Today: Bitcoin Billionaire’s $70B Gamble Left Out of Wall Street’s Club

Michael Saylor, co-founder and executive chairman of Strategy Inc. (formerly MicroStrategy), has once again drawn attention to his firm’s role in the Bitcoin ecosystem, this time as the company was excluded from the S&P 500 index during the latest rebalancing in September 2025 [3]. Despite holding 636,505 Bitcoin (BTC), valued at approximately $70 billion, and boasting a market capitalization exceeding $22.7 billion — the minimum requirement for S&P 500 inclusion — Strategy’s financial performance proved to be a limiting factor [1]. The company’s quarterly earnings have shown sharp swings, largely influenced by BTC price fluctuations. For example, it recorded a $10 billion net profit in Q2 2025, but a $4.2 billion net loss just one quarter earlier [3]. This volatility, primarily tied to unrealized gains and losses on its Bitcoin holdings, made it difficult for the firm to meet the S&P 500’s consistent profitability criteria [3].

The S&P 500 Index, which includes 500 of the largest publicly traded U.S. companies, currently has only three crypto-related firms: Coinbase (COIN), Block, Inc. (XYZ), and now Robinhood Markets (HOOD). Robinhood was included in the index during the same rebalancing cycle, marking it as the third publicly traded crypto firm to join the exclusive benchmark [1]. This inclusion follows the addition of Coinbase in May and Block in July, signaling a gradual integration of the crypto industry into mainstream financial indices [1]. According to Melissa Roberts, managing director at Stephens Inc., the S&P 500 committee appears to be prioritizing representation from leading players in emerging sectors, including cryptocurrency [4].

Analysts have noted that Strategy’s exclusion highlights the challenges of aligning traditional financial metrics with the volatile nature of digital assets. While the company meets liquidity and market capitalization thresholds, its earnings profile remains inconsistent, primarily due to the company’s strategic focus on Bitcoin as a reserve asset rather than a revenue-generating business [3]. “Strategy’s financials are dominated by unrealized gains and losses on Bitcoin holdings, which swing its income from big profits to big losses quarter by quarter,” crypto analyst Vincent Van Code stated on X [3]. This volatility, while reflective of Bitcoin’s price movements, complicates efforts to evaluate the firm using conventional earnings-based criteria.

Saylor, however, remains optimistic about the company’s long-term prospects and the broader adoption of Bitcoin in financial systems. During a recent interview, he reiterated his belief that Bitcoin could serve as a foundational currency for tokenized assets, enabling greater transparency and efficiency in global financial transactions [2]. Saylor has also emphasized that the company’s stock has delivered superior returns compared to both Bitcoin and traditional assets like the S&P 500 [3]. His vision includes a future where all real estate and financial assets are tokenized on the blockchain, with Bitcoin acting as the universal reserve asset. “The U.S. could lead the way in building a legal framework for this,” Saylor said, citing a pro-crypto administration [2].

While the next opportunity for S&P 500 inclusion will come in December, the debate surrounding the valuation and inclusion criteria for companies with substantial crypto holdings continues to evolve. The S&P 500 committee’s recent inclusion of crypto firms like Coinbase and Block underscores the growing recognition of digital assets within mainstream finance. As Strategy continues to refine its financial performance and demonstrate consistent profitability, it remains a key player in shaping the future of Bitcoin’s institutional acceptance [4].

Source: [1] MicroStrategy's Bitcoin Play Misses Out On S&P 500 (https://beincrypto.com/microstrategy-misses-out-sp-500-index/) [2] 1 Unstoppable Cryptocurrency to Buy Before It Soars 18,800% by 2045, According to Michael Saylor (https://www.fool.com/investing/2025/09/06/1-cryptocurrency-buy-soars-18800-michael-saylor/) [3] 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) [4] Michael Saylor's MicroStrategy misses S&P 500, Robinhood ... (https://finance.yahoo.com/news/michael-saylor-microstrategy-misses-p-002101210.html)