Bitcoin News Today: Robinhood Claims S&P 500 Spot Over Bitcoin-Backed Giant MicroStrategy

MicroStrategy (MSTR), the enterprise software company with a significant stake in Bitcoin, was omitted from the latest S&P 500 index rebalancing on September 5, despite fulfilling all criteria for inclusion. The decision surprised many in the crypto community and left investors questioning why the firm, which holds 636,505 BTC valued at around $70 billion, did not secure a place in the benchmark index [1]. Instead, Robinhood Markets (HOOD) was added, marking a milestone as only the third crypto-related company to join the S&P 500, following Coinbase (COIN) and Block, Inc. (XYZ).

According to the S&P 500 selection criteria, companies must be U.S.-based, have a minimum market capitalization of approximately $22.7 billion, maintain sufficient liquidity, and meet other financial benchmarks [3]. MicroStrategy has exceeded these requirements, with its market cap comfortably above the threshold and consistent trading volumes supporting its eligibility. Analyst Victor Olanrewaju from CCN suggested that the market may be mispricing the company’s potential inclusion in the index, which could serve as a significant catalyst if approved [4]. Despite meeting these conditions, MicroStrategy’s exclusion raised eyebrows, particularly given its prominence in the digital asset space and its strategic pivot to holding Bitcoin as a core component of its treasury strategy.

The decision to add Robinhood over MicroStrategy underscores the S&P 500’s dynamic nature, where inclusion is influenced by a range of factors beyond just financial metrics. Robinhood, a major player in the financial technology sector, joined AppLovin Corp. and Emcor Group Inc. as new additions to the index, effective September 22 [2]. Robinhood’s inclusion has been attributed to its growing role in the crypto ecosystem, including its recent foray into tokenized assets and its expanding user base in the digital trading space. Its stock surged 7% after hours on the news, reflecting investor optimism [3].

MicroStrategy’s stock initially rose 2.53% on the day of the rebalancing announcement but fell 2.64% in after-hours trading, wiping out gains. Analysts suggest that the market may have priced in the possibility of inclusion, and its absence has led to a sell-off as investors reassess expectations [3]. The firm’s leadership, including CEO Michael Saylor, has long emphasized its commitment to Bitcoin, and the exclusion has sparked debate over the index’s criteria for technology-driven companies with unconventional business models [1].

The broader implications for the crypto sector are also significant. Only three crypto-related firms are currently in the S&P 500, highlighting the ongoing skepticism and cautious approach from traditional financial benchmarks toward digital assets. However, the inclusion of Robinhood and the continued speculation around MicroStrategy’s potential future entry signal a gradual shift in perception and a growing acceptance of crypto-related businesses within mainstream financial indices [2].

Source:

[1] 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)

[2] Robinhood finally gets a place in the S&P 500. These other firms are out (https://www.marketwatch.com/story/s-p-500-changes-are-due-out-soon-and-this-could-be-a-big-update-7dfb8e8b)

[3] 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)

[4] Is Strategy a Buy or Sell? Top Institutional Shareholders of MSTR Stock (https://www.ccn.com/news/crypto/is-strategy-a-buy-or-sell-top-institutional-shareholders-of-mstr-stock/)