It’s a setback for Michael Saylor: his BTC company Strategy (formerly MicroStrategy) did not make it into the S&P 500. The Bitcoin treasury firm met the criteria but was ultimately not included. Had it been added, Strategy would have been the first Bitcoin treasury company to join the benchmark index. Following the S&P decision, the stock slipped nearly 3 percent in after-hours trading.
Strategy currently holds 636,000 BTC valued at over 70 billion US dollars, making it by far the largest corporate holder of Bitcoin. The company launched its Bitcoin strategy in August 2020, when it first converted part of its cash reserves into BTC. It is seen as a pioneer in this field, with Metaplanet, GameStop, and others later adopting similar approaches.
In the second quarter of 2025, Strategy reported an operating profit of 14 billion US dollars and a net profit of 10 billion US dollars, equal to diluted earnings per share of 32.6 US dollars.
Robinhood, on the other hand, will be included starting September 22, 2025. The broker has placed strong emphasis on crypto asset trading. The stock (HOOD) jumped 7 percent in after-hours trading to more than 108 US dollars. Its share price has already climbed 150 percent since the start of the year.
Robinhood’s inclusion highlights the growing relevance of companies with a strong crypto focus in traditional financial markets, supported by an increasingly crypto-friendly political environment. In May 2025, Coinbase became the first major crypto exchange to join the S&P index. Now Robinhood follows as another key player.
The S&P 500 is the leading US stock index and includes the 500 largest publicly traded companies in the United States, serving as a central barometer of the American economy.