Strategy’s S&P 500 Bid Rejected in Favor of Robinhood

Michael Saylor’s company, Strategy, was officially denied inclusion in the S&P 500 index by the committee in favor of Robinhood on September 5, 2025.

Despite meeting all quantitative criteria, Strategy was rejected for S&P 500 inclusion in favor of Robinhood. The company boasts over a $90 billion market cap and remains profitable.

Michael Saylor, Executive Chairman, noted his commitment to a Bitcoin-centric treasury strategy. Despite the exclusion, Strategy maintains its position in accumulating and holding Bitcoin, as highlighted in Strategy’s official X account:

“MSTR has long left the S&P 500 (SPY) behind thanks to its Bitcoin strategy … MSTR shows a 92% surge … while SPY lags with a 14% increase, and Bitcoin shows 55% annualized growth in terms of ‘Bitcoin Standard Era Return.'”

Strategy’s stock saw a 2% decline following the announcement. Inclusion could have triggered a $16 billion share purchase by index-tracking funds but will not materialize now.

Concerns about the company’s Bitcoin-dependence and stock volatility influenced the committee’s decision. The rejection highlights ongoing caution in traditional financial indexes toward crypto exposure.

The decision suggests limited immediate integration of Bitcoin-focused companies in traditional markets under current regulatory conditions. Strategy remains invested in Bitcoin, impacting potential future financial outcomes.