Strategy (MSTR), the leading corporate Bitcoin holder, has failed to make it to the flagship S&P 500 index in a big setback for the company.
MSTR shares are down more than 2% in after-hours trading following the snub. Meanwhile, Bitcoin is currently changing hands at $110,832 after dipping by 0.5% over the past hour, according to CoinGecko data.
Notably, Strategy failed to get included in the S&P 500 index despite meeting various criteria (such as market cap, liquidity, public float, and so on).
As explained by Bloomberg’s Eric Balchunas, the company got rejected by a selection committee that has a final say when determining which companies end up being part of the index. “You have to realize SPX is essentially an active fund run by a secret committee,” Balchunas said in a social media post.
The secretive committee, whose members are not public, takes into account qualitative factors and can reject companies based on rather subjective criteria.
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
Robinhood makes the cut
That said, cryptocurrency-friendly brokerage platform Robinhood has made the cut. It will join the index together with mobile technology company AppLoving and construction and facilities company Emcon Group.
Meanwhile, casino company Caesars Entertainment, financial technology company MarketAxess Holdings, and clean energy company Enphase Energy are on their way out.