Robinhood Surges 15% on S&P 500 Entry; Strategy Slides as Bitcoin Exposure Weighs
Robinhood (HOOD) jumped 15% on Monday after its inclusion in the S&P 500 was announced, set to take effect with the index’s September 22 rebalance. The move marks a major milestone for the trading platform, whose stock has nearly tripled this year. Robinhood had been one of the largest eligible companies yet to join the benchmark.
Meanwhile, Strategy (MSTR), the bitcoin-focused firm, fell 1.5% after being passed over despite qualifying for the first time this quarter. Strategy reported $14 billion in operating income and $10 billion in net income for Q2 2025. Analysts suggest the company’s heavy exposure to bitcoin—an asset with high volatility—may have influenced the selection committee’s decision.
Strategy CEO Michael Saylor told CNBC that the company did not expect immediate inclusion. “We didn’t anticipate being 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 critical for Strategy’s credibility. “The market has already validated their operating model,” he added.
TD Cowen analyst Lance Vitanca described the committee’s decision as unsurprising, emphasizing that inclusion “was never central to our investment thesis, though it remains a potential positive catalyst.”
Some observers speculate that S&P may be cautious about firms closely tied to bitcoin. Vitanca noted, “If the committee’s decision reflects deeper philosophical or economic concerns, those may ease over time.”
