Bitcoin News Today: Robinhood Steals MicroStrategy’s S&P 500 Spotlight

MicroStrategy (MSTR), the enterprise software company led by co-founder and executive chairman Michael Saylor, failed to secure inclusion in the S&P 500 index during the recent rebalancing on September 5, 2025, despite meeting all the criteria for qualification. This decision came as a surprise to many in the crypto and financial sectors, given the company's significant performance in its most recent quarter and its status as the largest corporate holder of Bitcoin, with a portfolio of 636,505 BTC valued at approximately $70 billion [2]. Following the announcement, MSTR’s stock declined nearly 3% after market hours, reversing the gains it had made earlier in the day [1]. The inclusion in the S&P 500 would have marked a major milestone for the company and the broader cryptocurrency industry, potentially increasing visibility among average investors and portfolio managers [1].

In contrast, Robinhood Markets (HOOD) was unexpectedly added to the S&P 500 index, a move that pushed its stock up by 7% after the market closed. This development was announced on September 5, with the changes set to take effect on September 22 [1]. Robinhood’s inclusion makes it the third publicly traded crypto-focused firm to enter the index, joining Coinbase (COIN) and Block, Inc. (XYZ), both of which were added earlier in the year [2]. Coinbase, led by billionaire Brian Armstrong, was included in mid-May, while Block, founded by Jack Dorsey, entered the index in late July. Robinhood, which has expanded its crypto ambitions in recent months—including the controversial launch of tokenized stocks from entities such as OpenAI—has now secured a position among the 500 largest U.S. public companies [2].

The S&P 500 index, a widely followed benchmark of the U.S. stock market, is composed of the largest public companies by market capitalization. The addition of Robinhood marks a notable shift in the index’s composition, as it reflects the growing influence of digital assets and trading platforms in the financial landscape. Robinhood’s stock closed at $101.25 on September 5, down 1.61% during the day, but surged to $108.40 in after-hours trading following the announcement [2]. In comparison, MicroStrategy’s stock closed at $335.87, up 2.53% for the day, but fell to $326.99 in after-hours trading after the news of its exclusion [2].

Analysts had speculated that MicroStrategy might be added to the S&P 500, particularly after a prediction by Bitcoin investor Lark Davis earlier in the week [2]. However, the decision ultimately favored Robinhood, raising questions about the selection criteria and timing of the S&P 500 rebalancing. While the company has met the financial thresholds for inclusion, the decision appears to have been influenced by broader market dynamics and the index provider’s evaluation of market representation [2]. The outcome has sparked mixed reactions, with some viewing it as a setback for MicroStrategy, while others see it as an opportunity for Robinhood to gain greater institutional exposure [1].

Alongside Robinhood, AppLovin Corp. and Emcor Group Inc. were also announced as new additions to the S&P 500 index, with their inclusions set to take effect on the same date as Robinhood’s [2]. These changes reflect S&P Dow Jones Indices’ ongoing efforts to adjust the index to reflect market capitalization trends and sector representation. The inclusion of Robinhood in particular highlights the increasing recognition of digital assets and fintech innovation within the U.S. financial system [2].

Source:

[1] MSTR News: Strategy Stock Falls as Robinhood Beats It to S&P 500 Inclusion (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)