Robinhood Surges 15% on S&P 500 Inclusion; Strategy Falls as Bitcoin Exposure Weighs on Selection

Robinhood (HOOD) shares jumped 15% on Monday after the trading platform was officially announced for inclusion in the S&P 500, the benchmark index for U.S. equities. The announcement, made post-market on Friday, will take effect with the index’s September 22 rebalance.

The stock has nearly tripled this year, and Robinhood was long considered a leading candidate for addition, standing among the largest eligible companies yet to join the index.

In contrast, Strategy (MSTR), the bitcoin-focused technology firm, saw shares dip after being passed over, despite qualifying for S&P inclusion for the first time this quarter. Strategy reported $14 billion in operating income and $10 billion in net income for Q2 2025—numbers that meet S&P requirements. Analysts note that the committee may have been cautious due to the source of the profits: bitcoin, which carries inherent volatility.

MSTR was down 1.5% in late-morning trading in the U.S.

On CNBC Monday, Strategy CEO Michael Saylor downplayed the setback. “We didn’t expect to be selected on our first quarter of eligibility,” he said. “We figured it’ll happen at some point.”

Benchmark analyst Mark Palmer reinforced the point, noting that Strategy “does not need S&P’s approval as validation of its operating model, as the market scoreboard has already provided it emphatically.”

TD Cowen analyst Lance Vitanca added that the exclusion was unsurprising, writing, “Inclusion was never central to our investment thesis, though it remains a potential positive catalyst.”

Some observers speculate that the committee may be cautious about including a company so directly tied to bitcoin. Vitanca commented on this concern, stating, “To the extent the committee is acting on deeper philosophical, political, or economic considerations, these may be addressed over time.”