Snub

In brief

Strategy has purchased 1,955 BTC for $217.4 million at $111,196 per coin, following Friday’s S&P 500 rejection.
The company now holds 638,460 BTC worth $71.5 billion, achieving “BTC Yield of 25.8% YTD 2025” for shareholders.
Japan’s Metaplanet also bought 136 BTC for $15.2 million Monday, continuing the global corporate buying trend.

Michael Saylor’s Strategy Inc. announced Monday it acquired 1,955 BTC for $217.4 million at an average price of $111,196 per Bitcoin, days after being passed over for S&P 500 inclusion.

The Virginia-based company, formerly known as MicroStrategy, now holds a massive 638,460 BTC worth approximately $71.5 billion at current prices, maintaining its spot as the world’s largest public corporate Bitcoin holder.

The purchase came just days after Strategy was snubbed from the S&P 500 index despite strong results in Q2, while Robinhood took the spot, with its stock jumping 7% as Strategy fell nearly 3% in after-hours trading on Friday.

QCP Capital noted in its latest report that Bitcoin’s ability to maintain levels above $110,000 “despite Strategy’s exclusion from the S&P500” demonstrates “resilience.”

Bitcoin is trading around $112,000, gaining 0.9% in the past 24 hours, according to CoinGecko.

Strategy’s latest purchase has delivered a “BTC Yield of 25.8% YTD 2025” for shareholders, according to its Form 8-K filing.

The company funded Monday’s purchase through its at-the-market offering programs, selling 591,606 common shares for $200.5 million in net proceeds alongside preferred stock sales totaling $16.9 million during the September 2-7 period.

The move follows similar acquisitions by other major corporate Bitcoin holders with Japan’s Metaplanet Inc. announcing Monday it purchased 136 BTC for $15.2 million, bringing its total holdings to 20,136 BTC.

Meanwhile, El Salvador marked the fourth anniversary of its Bitcoin legal tender law by purchasing 21 BTC on Sunday, continuing its daily Bitcoin accumulation strategy.

“Bitcoin treasury companies have now accumulated over a million BTC and as they continue to buy and grow, it will provide a very strong buying base for the asset,” Pranav Agarwal, independent director at Jetking Infotrain India—the country’s first listed Bitcoin treasury company, previously told Decrypt.

Strategy’s stock (MSTR) closed today at $335.87 (+2.53%) and is trading lower in pre-market at around $329.20, according to Google Finance.

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Shares in trading platform Robinhood Markets and Bitcoin treasury firm Strategy fell in after-hours trading on Monday after missing out on being included in the S&P 500, amid a broader market dip.

S&P Dow Jones Indices said late Monday that brokerage Interactive Brokers Group would join the index tracking the 500 largest US companies at market open on Thursday and replace the pharmacy chain Walgreens Boots Alliance.

Wall Street has long been expecting Robinhood to join the S&P 500, and MicroStrategy, trading as Strategy, had recently become eligible for inclusion as its market cap has been boosted by the rising value of its Bitcoin (BTC) holdings.

Inclusion on the S&P 500 is typically seen as a boon for a company, as its shares would be scooped up by passive investors and other funds aiming to track the index.

Robinhood again snubbed from S&P 500

Shares in the crypto and stock trading platform Robinhood (HOOD) ended after-hours trading down 0.5% at $107.40 after closing trading on Monday at a 1.26% loss.

In comparison, Interactive Brokers (IBKR) saw a 3.9% lift in extended trading to $65.21 on the announcement of its inclusion after gaining less than 0.6% throughout the trading day, while the S&P 500 ended trading 0.4% down.

Source: Google Finance

Robinhood shares had also dropped in early June after S&P Dow Jones Indices announced there would be no changes to the S&P 500 in its quarterly rebalancing.

The company’s stock has, however, gained nearly 190% this year and has continued to break price records, seeing a lift from renewed retail investor enthusiasm.

Strategy also down on S&P miss and Bitcoin drop

Shares in the software firm Strategy (MSTR) also dropped on Monday, ending the day’s session down 4.17% and a further 0.6% in after-hours trading to $341.

Related: Bitcoin futures demand rises even as BTC sells off: What gives?

The company’s stock fell alongside Bitcoin, which was down 2% in the past day after briefly slipping below $110,000.

S&P 500 inclusion is not just about stock price

A company’s inclusion on the S&P 500 is the decision of a committee who are guided by a range of criteria a company needs to meet before it is added.

A company needs to have a market capitalization of at least $22.7 billion, be based in the US and listed on the New York Stock Exchange, the Nasdaq or Cboe.

Its shares must also meet minimum requirements for market liquidity and volume.

Jack Dorsey’s financial services company, Block, Inc., was the latest crypto-tied company to make the index and joined the S&P 500 on July 23.

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