What to know:

• Robinhood shares skyrocketed 15% after being incorporated into the S&P 500 index, effective from September 22.
• Strategy (MSTR) experienced a decline following its exclusion from the S&P 500, even though it met all eligibility criteria.
• Michael Saylor and optimistic analysts remain untroubled by MSTR’s non-inclusion.

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Robinhood’s stock rose by 15% on Monday post its announcement of inclusion in the S&P 500, a key benchmark for U.S. equities. This news broke after the markets closed on Friday and will be executed during the index’s rebalance on September 22.

The company has seen its stock price nearly triple this year and was among the largest eligible firms that hadn’t yet been added to the index.

Meanwhile, shares of Strategy (MSTR) dipped after the bitcoin development entity was overlooked for inclusion, despite qualifying for the first time this quarter. Strategy reported $14 billion in operating income and $10 billion in net income for Q2 2025, impressive figures that fulfilled the S&P’s requirements. However, the committee might have hesitated due to the volatile nature of Bitcoin’s pricing.

In late morning U.S. trading, MSTR was down 1.5%.

Discussing on CNBC, Michael Saylor remarked that immediate inclusion wasn’t anticipated: “I don’t think we expected to be selected on our first quarter of eligibility. We figured it will happen at some time.”

Analyst Mark Palmer supported this view, noting that Strategy doesn’t require S&P’s validation for its operating model, as market performance speaks for itself. TD Cowen’s Lance Vitanca deemed the decision not surprising, mentioning it wasn’t pivotal to their investment thesis.

Some believe that the committee’s reluctance stems from concerns about Bitcoin’s volatility. Vitanca noted, “The Committee may be acting based on deeper philosophical, political, or economic concerns, which might be addressed over time.”