Robinhood Joins S&P 500, Strategy Gets Snubbed
Robinhood shares soared 15% Monday after being named to the S&P 500, with inclusion set for the index’s September 22 rebalance. Meanwhile, Strategy was passed over — despite meeting all stated eligibility requirements for the first time.
What’s the Scoop?
- HOOD Added: Robinhood (HOOD) was officially selected to join the S&P 500, replacing Caesars Entertainment. The stock has nearly tripled this year and was one of the largest eligible companies not already in the index.
- MSTR Passed Over: Strategy (MSTR) failed to make the cut, despite posting $10B in Q2 net income and $14B in operating income, largely driven by the rise in bitcoin prices.
- Market Reaction: HOOD closed up 15% at $115.90, while MSTR fell 1.5% in Monday trading.
- Saylor Shrugs: CEO Michael Saylor said he didn’t expect inclusion on the first try and noted it will likely happen “at some time.”
Bankless Take:
For Strategy bulls, index inclusion is the ultimate dream. It drives continuous passive inflows into MSTR, which can be utilized to buy more BTC. While Strategy was passed over this time, S&P 500 constituents frequently change.
Why wasn't $MSTR allowed into the S&P 500 Index despite meeting all the criteria? Because the 'Committee' said no. You have to realize SPX is essentially an active fund run by a secret committee. We intv'd the dude who used to run this committee on Trillions. Check it out. pic.twitter.com/w334JrX9VO
— Eric Balchunas (@EricBalchunas) September 5, 2025