Key Notes

• The S&P 500 recently rejected the Strategy's inclusion in the index.

• Saylor noted that the firm needs only formal recognition to join the bloc.

• Robinhood Markets was added instead of Strategy.

Michael Saylor, the Chairman of business intelligence and software firm Strategy Inc (NASDAQ: MSTR), recently made a post on the negative response his company got to the request to join the S&P 500. He thinks that the Bitcoin (BTC) treasury firm needs only formal recognition to be part of the bloc of 500 companies with the largest market cap in the United States.

Strategy Overlooks S&P 500 Rejection, Remains Focused on BTC

Even with its large stash of Bitcoin, Strategy was snubbed from S&P 500 inclusion on September 5.

Rather than sulk, Saylor bragged about how the shares of his company, MSTR, have long gone ahead of the S&P 500 (SPY), all thanks to its strong Bitcoin accumulation strategy. To back up his claim, he shared infographics, which also showed that MSTR has outperformed BTC.

Thinking about the S&P right now… pic.twitter.com/Y5nPc9XT4l

— Michael Saylor (@saylor) September 6, 2025

According to this chart, MSTR has surged by 92%, while SPY is behind with just a 14% increase. Also, Bitcoin recorded 55% annualized growth in terms of “Bitcoin Standard Era Return.”

With the news of Strategy’s S&P 500 inclusion rejection, MSTR has seen a 2% decline. It closed the market at $335.87 on Friday, with a 2.53% increase, per Yahoo Finance data.

Despite the slight setback, Strategy has reiterated that it is not derailing from its five-year-long Bitcoin acquisition style. On September 2, it submitted an 8-K filing with the United States Securities and Exchange Commission (SEC). This document showed that it had acquired 4,048 Bitcoin for $449.3 million between August 26 and September 1, 2025.

Proceeds from at-the-market sales of its Class A common stock, MSTR, perpetual Strike preferred stock, STRK, perpetual Strife preferred stock, STRF, and perpetual Stride preferred stock, STRD, were all utilized to achieve this purchase.

Altogether, the firm has a total holdings of 636,505 BTC, now worth over $70.5 billion. Notably, Bitcoin price is currently $110,784.93, with a 1.39% dip over the last 24 hours.

Robinhood Goes on S&P 500, Raises Controversy

Instead of Strategy, Robinhood Markets Inc. (NASDAQ: HOOD), another company that is also related to cryptocurrency, was added to the index. This platform allows retail users to invest in both traditional stocks and crypto, as well as crypto-related products. Both Strategy and Robinhood were snubbed from joining the S&P 500 in August, causing their individual shares to fall at the time

However, its inclusion over Strategy this time around was quite unexpected and has triggered certain conversations amongst market watchers. Robinhood will replace Caesars Entertainment in the S&P 500 index by September 22, when the quarterly rebalancing will take place.

Without doubt, this financial behemoth has a strong reputation in the industry, including crossing the $100 billion market capitalization milestone in July. Nonetheless, Strategy’s stronger financial performance and industry relevance could have made it a better candidate for the position.

As a result, investors are now questioning the criteria and rationale behind the S&P 500 index selection process.