Overview

• Robinhood was excluded from the S&P 500 during the June quarterly rebalance even though its $66.1 billion valuation far exceeds the $20.5 billion requirement.
• The online brokerage’s shares fell about 5% in premarket trading following the announcement that no components would change.
• Bank of America analysts had named Robinhood a leading candidate for inclusion based on its sustained market performance.
• Robinhood’s stock has more than doubled this year and reached its highest level since its 2021 IPO as investors anticipated a potential index entry.
• Coinbase Global was the last digital asset company added to the S&P 500 in May and saw its shares jump after its inclusion.