Strategy could join S&P 500 as first Bitcoin company

Traders Union
All News
Crypto News
Strategy could join S&P 500

All news

Editors' Picks

Crypto News

Financial News

Market Voices

Billionaires

Companies

Broker News

Regulators News

Artem Shendetskii

05.09.2025

Strategy could join S&P 500 as first Bitcoin company — Strategy eyes S&P 500 after $14B gain

Michael Saylor’s company Strategy (ticker: MSTR), formerly known as MicroStrategy, may soon become the first Bitcoin-focused firm to join the S&P 500 Index.

According to a Bloomberg report, the company now meets all eligibility requirements, including positive earnings, sufficient market capitalization, and trading liquidity. Strategy’s stock has surged 161% in the past year, driven by its outsized Bitcoin holdings, and its market value now exceeds $22.7 billion, the current threshold for entry.

A critical milestone came last quarter, when Strategy recorded an unrealized gain of $14 billion on its Bitcoin holdings, delivering the profitability required for index eligibility under current rules. That result capped one of the company’s strongest financial stretches to date, reinforcing its reputation as a Bitcoin proxy stock.

The S&P 500 test

To qualify for the index, companies must meet strict requirements. For context, the eligibility criteria include:

• Being based in the U.S.

• At least 12 months of trading history on a major U.S. exchange

• Market capitalization above $22.7 billion

• Minimum 50% of shares publicly available (free float)

• Monthly trading volume of more than 250,000 shares for six months

• Positive earnings in the latest quarter

• Positive cumulative earnings across the last four quarters

Analysts note that Strategy not only satisfies these requirements but also ranks highest among 26 potential candidates in float-adjusted liquidity, according to research from Stephens. Other contenders reportedly include Robinhood Markets and Carvana.

Still, meeting the criteria does not guarantee inclusion. The S&P US Index Committee exercises broad discretion and may weigh concerns around Strategy’s unusual reliance on a crypto treasury model. Critics also point to volatility, with the stock’s 30-day average swings near 96%, far higher than most large-cap peers.

Implications for markets

If added, Strategy would likely benefit from the so-called “index effect”—a bump in demand as trillions of dollars in passive funds tracking the S&P 500 are required to buy the stock. While short-term rallies linked to index inclusion have moderated in recent years, long-term support from passive flows could reinforce Strategy’s position as a de facto Bitcoin investment vehicle for institutional investors.

Crypto advocates argue that inclusion would channel “boomer money” into both Strategy and Bitcoin itself, further cementing digital assets in traditional portfolios. Yet others caution that the same volatility that fueled Strategy’s ascent could also deter the committee from acting this quarter.

For now, Strategy remains a frontrunner in speculation surrounding the upcoming index rebalance. Whether or not it clears the final hurdle, the company’s candidacy underscores how far Bitcoin has come—from a fringe asset to a potential entry in America’s premier equity benchmark.

As previously covered Strategy maintains long-term conviction despite weaker short-term momentum.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.