Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.
GM!
Today's top news:
Friday was a big day for those companies entering the S&P 500.
While a major crypto favorite was once again left out.
S&P Dow Jones Indices said Robinhood (HOOD) will join the S&P 500 at the upcoming quarterly rebalance, replacing a departing constituent.
HOOD shares immediately popped 7% on the news.
Meanwhile, MicroStrategy (MSTR), despite checking all the requirement boxes, was not selected this cycle.
MSTR’s recent price action certainly isn’t helping its case, down 16% this month while Bitcoin is only down 3%.
It’s an exciting milestone to have Robinhood join the storied S&P 500 Index. I’ll share what I told the team today — we don’t stop to celebrate, our single focus remains building exceptional products for our customers. - Vlad Tenev, Robinhood CEO
“Do you know which two companies didn’t make it into the S&P 500 last quarter despite meeting all the criteria? AppLovin and Robinhood. They were passed in June and both got in today on their second try. Same story with Uber and Tesla. Be patient. $MSTR will get there” - X user Angarlo
First, the reason companies and their shareholders want to join the S&P is clear - huge rebalancing and ongoing inflows.
Getting added to the S&P is almost a lock guarantee for near-term stock price increases (barring other macro factors).
So it’s a big deal to be added.
As for HOOD making it in over MSTR, the decision signals the committee’s preference for platform exposure over asset proxies.
Robinhood’s inclusion validates a maturing, retail-first fintech that happens to have crypto in its product mix; it pulls another crypto-adjacent revenue stream directly into America’s most-tracked benchmark without making a call on any single token.
By contrast, MicroStrategy’s pass suggests the S&P still wants operating cash flows and business diversification when it chooses members.
For investors, the implication is straightforward: if you want crypto exposure inside the index, build a real business that uses it, don’t just warehouse it.
A few Crypto and Web3 headlines that caught my eye:
Here's a rundown of major token, protocol and airdrop news from the day:
Section dedicated to headlines in the AI sector of crypto:
Here is the list of other notable headlines from the day in NFTs:
