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6d ago

S&P 500 Passes on Strategy as Robinhood, AppLovin and Emcor Join September Rebalance

The index’s discretionary committee chose Robinhood instead, reflecting caution about Strategy’s volatility.

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

  • S&P Dow Jones Indices named Robinhood, AppLovin and Emcor to the S&P 500, with changes taking effect before the market opens on September 22.
  • Strategy’s shares fell roughly 2–3% in after-hours trading following the exclusion, while Robinhood jumped about 7% after the announcement.
  • Strategy had met the published numerical thresholds, buoyed by an estimated $14 billion unrealized quarterly gain, but the committee’s holistic judgment overrode technical eligibility.
  • Analysts estimated inclusion would have forced passive funds to buy about 50 million MSTR shares, implying roughly $16 billion of inflows had Strategy been added.
  • The company remains the largest corporate holder of Bitcoin at about 636,505 BTC and disclosed purchasing 4,048 BTC between August 26 and September 1 in an SEC filing.