Overview

• Strategy met the S&P 500’s technical screens for size, profitability and liquidity, yet the confidential Index Committee chose other eligible names in the September update.
• AppLovin, Robinhood and Emcor were selected to join the benchmark later this month, while Strategy remains outside despite speculation it would be added.
• Observers point to Strategy’s bitcoin‑driven GAAP swings and a high beta as factors likely weighing on the committee even after a roughly $10 billion accounting profit last quarter.
• The company continues to qualify for future consideration, including the December rebalancing or if current members’ pending deals free a slot, according to analysts.
• Inclusion would carry sizable passive flows, with Stephens estimating managers would need to buy about 50 million shares worth roughly $16 billion, and Strategy now holds about 638,460 BTC after recent purchases.