Why S&P 500 rejects Strategy but welcomes Robinhood and others
Outdated accounting rules and concerns over Bitcoin volatility prevented Michael Saylor’s company Strategy from being included in the S&P 500 index. However, by adding Robinhood, the S&P committee signaled that crypto-related firms are still welcome.
The rejection of Strategy’s inclusion was both unexpected and disappointing, according to Crypto News. Despite being the largest corporate holder of Bitcoin—with over 3% of the total supply—and reporting a strong Q2 with $10 billion in net profit, Strategy was denied entry despite claiming it met all eight S&P 500 criteria.
Why was Strategy excluded?
Key reasons include outdated Bitcoin accounting rules in effect until 2025, which forced Strategy to record impairment losses but prevented it from reflecting price surges. This made the company report GAAP losses instead of profits.
Another factor is Bitcoin’s volatility. Since Strategy’s earnings are tied to BTC prices, the committee may have feared greater index volatility. Additionally, regulators may want clearer rules around Bitcoin-focused companies before allowing entry.
As a result, Michael Saylor’s firm missed out on S&P 500 membership benefits—such as passive inflows worth around $10 billion, driven by retail and institutional investors tracking the index. Furthermore, companies added to the S&P 500 typically see their stock prices rise. Robinhood (HOOD), for instance, jumped 7% within hours of the announcement. By contrast, Strategy’s shares (MSTR) fell 3% on the news.
This index reshuffle added Robinhood, AppLovin, and Emcor Group, replacing Caesars Entertainment, MarketAxess Holdings, and Enphase Energy. For crypto supporters, Robinhood’s entry into the S&P 500 is an encouraging signal that the door remains open—and Strategy may still have a chance in the future.
As we wrote, Adam Livingston: Strategy poised for S&P 500 inclusion with Michael Saylor
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