Robinhood Surges 15% on S&P 500 Inclusion; Strategy Falls Amid Bitcoin Exposure Concerns
Robinhood (HOOD) jumped 15% on Monday after the company was announced for inclusion in the S&P 500, the benchmark index for U.S. equities. The addition, revealed after Friday’s market close, will take effect during the S&P 500’s September 22 rebalance.
The trading platform, whose stock has nearly tripled this year, was long considered a prime candidate for inclusion and was among the largest eligible companies yet to be added.
In contrast, Strategy (MSTR), the bitcoin-focused firm, slid following its omission, despite meeting the S&P’s eligibility criteria for the first time this quarter. The company reported $14 billion in operating income and $10 billion in net income for Q2 2025. Analysts suggest the committee may have hesitated due to Strategy’s heavy reliance on bitcoin, a highly volatile asset.
MSTR shares were down 1.5% in late-morning U.S. trading.
Speaking to CNBC, Strategy CEO Michael Saylor said the company had not anticipated immediate inclusion. “We didn’t expect to be selected in our first quarter of eligibility. We assumed it would happen eventually,” he said.
Benchmark analyst Mark Palmer noted that S&P approval is not essential for Strategy’s credibility. “The market has already validated their operating model,” he stated.
TD Cowen analyst Lance Vitanca called the committee’s decision unsurprising. “Inclusion was never central to our investment thesis, though it remains a potential positive catalyst,” he wrote.
Some observers speculate the S&P may be cautious about companies with significant bitcoin exposure. Vitanca added, “If the committee’s decision reflects deeper philosophical or economic concerns, those may ease over time.”
