On Sept. 5, 2025, MicroStrategy (MSTR) was passed over for inclusion in the S&P 500 while Robinhood (HOOD) was added.
Michael Saylor publicly responded with a pointed tweet and chart. He captioned it “Thinking about the S&P right now…” alongside an infographic showing MSTR’s performance.
The chart highlighted a 92% annualized gain for MSTR versus 14% for the S&P 500 (SPY) and 55% for Bitcoin.
Saylor’s tone implied that MicroStrategy’s “Bitcoin strategy” already outperforms the index and Bitcoin itself. In other words, he celebrated MSTR’s track record while downplaying the snub.
Indeed, Saylor’s graphic underlines that all major assets except MSTR lagged during the period shown.
This public reaction—mixing self-assurance with concrete numbers—highlights that MSTR’s leaders remain bullish on their Bitcoin-centric approach even as the company was denied index entry.
Robinhood vs. MicroStrategy: Fundamentals and Index Criteria
By traditional metrics, both Robinhood and MicroStrategy met S&P 500 eligibility. As of early September 2025, MicroStrategy had a market cap over $92 billion and positive GAAP income of $5.3 billion over the past year.
Robinhood’s market cap was roughly $88–90 billion (and falling in September), with a reported price-to-earnings ratio around 52–54.
Both companies are U.S.-based, listed on Nasdaq, and trades millions of shares daily – all basic S&P requirements.
The key differences lie in business models and stability. Robinhood is a fintech brokerage known for retail trading (including crypto) and has been profitable in recent quarters.
MicroStrategy started as a software firm but today is essentially a Bitcoin treasury company. It holds 636,505 BTC (~ $70 billion at recent prices).
This huge crypto stake drove MicroStrategy’s earnings to record levels ( Q2 2025 revenue $114 M and $32.60 EPS), but also means the stock swings with Bitcoin’s volatility.
S&P committees state that they use “holistic” judgement. In practice, they appear to favor companies with steadier profiles.
Industry watchers note that Robinhood’s established fintech model and less erratic stock likely gave it an edge. By contrast, MicroStrategy’s crypto-linked volatility may have been a red flag.
As ProCap BTC’s CIO Jeff Park on X: “MSTR’s positioning…tied closely to Bitcoin…raised volatility concerns” – a disadvantage vs. Robinhood.
Fundamentals show both were eligible, but differing business mix and risk profiles played a big role.
Experts Weigh In on Crypto-Treasury Stocks
Market commentators saw this episode as a sign of how crypto-focused stocks are treated. They pointed out that index decisions often hinge on more than raw metrics.
Jeff Park explained that S&P committees “don’t just look at metrics” but at “broader market dynamics and company positioning.”
In practical terms, Robinhood’s inclusion suggests the index is warming to crypto-friendly fintech, while remaining cautious about pure Bitcoin treasuries.
Despite the setback, many analysts remain bullish on MicroStrategy’s long-term prospects. Several have raised price targets after its strong quarter.
Mizuho upped its target to $586, and Canaccord kept a Buy rating with a $464 target, citing record revenue and EPS.
These forecasts imply that if MicroStrategy ever does enter the S&P 500, it could unlock another wave of demand.
Overall, commentators see the episode as highlighting a growing but still uncertain role for crypto-linked equities.
Coinbase (COIN) and Block (SQ) are already in the S&P 500; Robinhood is now the third. Yet MicroStrategy’s exclusion underscores that not all Bitcoin-aligned firms are treated equally.
MSTR, HOOD Stock Reactions
The market moved quickly on the news. MicroStrategy stock fell after the announcement. According to Google Finance data, MSTR “declined nearly 3% after hours, erasing Friday’s gains.”
In dollar terms, MSTR closed Friday around $335.87 but slid to about $327 by after-market hours.
By contrast, Robinhood stock jumped sharply. HOOD surged about 7% in after-hours trading on Friday.
This boost is a typical index “pop”: as Seyffart noted, inclusion “often sparks buying from funds and ETFs that track the S&P 500.”
Robinhood did give back a bit over the weekend, but the stock remained well above its pre-announcement level.
Crypto markets were relatively steady in this window. Bitcoin traded near $110,000 on Friday.
MSTR’s gains earlier in the week had largely come from Bitcoin’s advance. After S&P news, BTC fell briefly but stayed in the same range.