Catenaa, Monday, September 08, 2025- Michael Saylor, chairman of Strategy Inc., said the Bitcoin-focused company only needs “formal recognition” to join the S&P 500 after being rejected this week.
The index committee instead chose Robinhood Markets to replace Caesars Entertainment in its September 22 rebalancing, sparking debate over the criteria for inclusion.
Strategy, which holds more than 636,000 Bitcoin worth over $70 billion, has become one of the most prominent corporate adopters of cryptocurrency.
Saylor brushed off the rejection, posting data showing Strategy stock outpacing both Bitcoin and the S&P 500 in returns.
He argued the company’s five-year Bitcoin acquisition strategy had fueled stronger performance than traditional benchmarks. According to his chart, Strategy shares surged 92% compared to Bitcoin’s 55% and the S&P’s 14%.
Despite the setback, Strategy continued its buying spree. A recent SEC filing revealed the purchase of 4,048 Bitcoin for $449.3 million between August 26 and September 1, funded through equity offerings. The company closed Friday at $335.87, up 2.53%, though still down 2% since the news of its exclusion.
Robinhood’s addition stirred controversy, with some investors saying Strategy’s financial strength and crypto leadership made it a stronger candidate. Robinhood, valued at more than $100 billion, has gained traction with retail traders in both equities and digital assets.
Market analysts noted that Strategy’s omission raises fresh questions over how the S&P 500 determines membership in the benchmark index.
