Robinhood Joins S&P 500, Strategy Excluded Despite Bitcoin Holdings
- Robinhood added to S&P 500 index, surpassing Caesars Entertainment.
- Strategy excluded despite meeting size and financial criteria.
- Market reacts with Robinhood shares rising, Strategy shares falling.
Robinhood Inc. unexpectedly joins the S&P 500 on September 22, 2025, displacing Caesars Entertainment, while Michael Saylor’s Strategy is passed over despite fulfilling criteria.
The inclusion impacts market perception, highlighting diversified crypto over direct Bitcoin exposure, affecting both equity and crypto markets.
Robinhood Markets, Inc. has gained a position on the S&P 500 index while Strategy Inc., despite its substantial Bitcoin holdings, remains on the sidelines.
Robinhood’s Inclusion and Strategy’s Exclusion
Robinhood Markets, Inc., was added to the S&P 500 index, effective September 2025. This unexpected inclusion replaced Caesars Entertainment and highlighted Robinhood’s growing influence in the financial sector. In contrast, Strategy Inc., a substantial Bitcoin holder, was bypassed despite meeting S&P 500 criteria.
“The Bitcoin (BTC) treasury firm needs only formal recognition to be part of the bloc of 500 companies with the largest market cap in the United States.” – Michael Saylor
The inclusion of Robinhood prompted its stock to rise by 7-10% in after-hours trading, as analysts noted the potential benefits of crypto-friendly regulatory changes. Strategy shares fell by 3%, reflecting market disappointment over its exclusion. Robinhood’s entrance into the S&P 500 signifies a broader acceptance of fintech and crypto platforms. However, Strategy’s exclusion underscores hesitancy toward direct Bitcoin treasuries.
As Robinhood integrates traditional with crypto markets, Strategy’s reliance on Bitcoin could deter index managers. This signals a preference for diversified offerings over singular crypto exposure. Historical trends suggest index inclusions elevate company visibility, like Robinhood’s rise. Strategy’s earlier inclusion in Nasdaq-100 indicates shifting sentiments towards crypto-heavy entities in other indices.
