Saylor's Bitcoin Empire Emerges as S&P 500 Contender

Michael Saylor's Bitcoin-focused firm, MicroStrategy, may be added to the S&P 500 index, marking a significant milestone for institutional validation of his strategy. If included, passive funds tracking the index would be forced to acquire nearly 50 million shares, worth around $16 billion at current prices. This would be a long shot for now, but would provide validation for Saylor's strategy and turn pension funds into indirect crypto holders.

Michael Saylor's Bitcoin-focused firm, MicroStrategy, may be added to the S&P 500 index, marking a significant milestone for institutional validation of his strategy. If included, passive funds tracking the index would be forced to acquire nearly 50 million shares, worth around $16 billion at current prices. This would be a long shot for now, but would provide validation for Saylor's strategy and turn pension funds into indirect crypto holders [2].

MicroStrategy, now known as Strategy (MSTR), has qualified for potential inclusion in the S&P 500 index after a strong second quarter in 2025. The company reported $14 billion in operating income, $10 billion in net income, and a 70% increase in subscription services revenue. This turnaround is largely due to the adoption of new accounting standards and significant paper gains from its bitcoin holdings. With consistent profitability established, Strategy meets the S&P 500 requirements and may be included in the index during the September 2025 rebalance [1].

The S&P 500 Index is a list of 500 of the largest public companies in the U.S. For a company to be included in the list, it should meet the following criteria: Based in the U.S., at least 12 months of trading history on a major U.S. exchange, market cap above $22.7 billion, minimum 50% of shares should be public, monthly trading volume of more than 250,000 shares for six months, latest quarter has positive earnings, and last four quarters' total earnings are positive [1].

If it happens, Strategy will be the third company after Brian Armstrong's Coinbase (Nasdaq: COIN) — the largest crypto exchange in the U.S. — and Jack Dorsey's Block, Inc. (NYSE: XYZ) — a Bitcoin-focused fintech firm — to join the much-coveted list [1].

The inclusion of Strategy in the S&P 500 would expose the company to trillions of dollars in passive investment flows. Many retirement funds, ETFs, and institutional investors track the index, meaning billions in fresh capital could flow into MSTR stock — and indirectly into Bitcoin [1].

In Q2 2025, Strategy reported $14 billion in operating income, $10 billion in net income, and $32.60 diluted earnings per share (EPS). These results were boosted by new fair-value accounting rules, which allowed the firm to register unrealized gains on its massive Bitcoin holdings [1].

Analysts like Lark Davis suggest the inclusion could happen as early as Friday, September 5, 2025. Wall Street veteran Josh Mandell believes Strategy may already be included, with only a formal announcement pending [2].

References:
[1] https://www.reddit.com/r/CryptoCurrency/comments/1n6mht8/microstrategy_mstr_qualifies_for_sp_500_inclusion/
[2] https://www.thestreet.com/crypto/markets/microstrategy-could-join-the-s-p-500-as-early-as-this-friday