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S&P 500 Leaves Out Strategy as Robinhood, AppLovin and Emcor Join in September Rebalance

Despite meeting technical criteria on GAAP profitability, the index committee used its discretion to bypass the Bitcoin‑heavy company.

Robinhood beats Strategy to S&P 500 Index, MSTR stock slips 2.9%
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Overview

  • Strategy had satisfied standard thresholds, including four‑quarter positive GAAP income boosted by a $14 billion unrealized gain and a market value above $90 billion.
  • Analysts cited by Bloomberg and Stephens estimated inclusion would have required passive funds to buy roughly 50 million shares, or about $16 billion at recent prices.
  • S&P Dow Jones Indices added Robinhood, AppLovin and Emcor, with changes set to take effect before the market opens on September 22.
  • Shares moved after hours, with MSTR down about 2–3% and Robinhood up roughly 7% following the announcement.
  • Observers pointed to Strategy’s high volatility and Bitcoin‑treasury model as potential concerns for the committee, even as the company holds 636,505 BTC and disclosed a roughly 4,084 BTC purchase this week.