Strategy (MSTR), the leading corporate Bitcoin holder, has failed to make it to the flagship S&P 500 index in a big setback for the company.
MSTR shares are down more than 2% in after-hours trading following the snub. Meanwhile, Bitcoin is currently changing hands at $110,832 after dipping by 0.5% over the past hour, according to CoinGecko data.
Notably, Strategy failed to get included in the S&P 500 index despite meeting various criteria (such as market cap, liquidity, public float, and so on).
As explained by Bloomberg's Eric Balchunas, the company got rejected by a selection committee that has a final say when determining which companies end up being part of the index. "You have to realize SPX is essentially an active fund run by a secret committee," Balchunas said in a social media post.
The secretive committee, whose members are not public, takes into account qualitative factors and can reject companies based on rather subjective criteria.
Why wasn't $MSTR allowed into the S&P 500 Index despite meeting all the criteria? Because the 'Committee' said no. You have to realize SPX is essentially an active fund run by a secret committee. We intv'd the dude who used to run this committee on Trillions. Check it out. pic.twitter.com/w334JrX9VO
— Eric Balchunas (@EricBalchunas) September 5, 2025
Robinhood makes the cut
That said, cryptocurrency-friendly brokerage platform Robinhood has made the cut. It will join the index together with mobile technology company AppLoving and construction and facilities company Emcon Group.
Meanwhile, casino company Caesars Entertainment, financial technology company MarketAxess Holdings, and clean energy company Enphase Energy are on their way out.

<div><div><p>Strategy (MSTR), the leading corporate Bitcoin holder, has failed to make it to the flagship S&amp;P 500 index in a big setback for the company.</p><adv></adv><p>MSTR shares are down more than 2% in after-hours trading following the snub. Meanwhile, Bitcoin is currently changing hands at $110,832 after dipping by 0.5% over the past hour, according to CoinGecko data.   </p><adv></adv><p>Notably, Strategy failed to get included in the S&amp;P 500 index despite meeting various criteria (such as market cap, liquidity, public float, and so on). </p><p>As explained by Bloomberg's Eric Balchunas, the company got rejected by a selection committee that has a final say when determining which companies end up being part of the index. "You have to realize SPX is essentially an active fund run by a secret committee," Balchunas said in a social media post. </p><p>The secretive committee, whose members are not public, takes into account qualitative factors and can reject companies based on rather subjective criteria.   </p><div><blockquote><p>Why wasn't $MSTR allowed into the S&amp;P 500 Index despite meeting all the criteria? Because the 'Committee' said no. You have to realize SPX is essentially an active fund run by a secret committee. We intv'd the dude who used to run this committee on Trillions. Check it out. pic.twitter.com/w334JrX9VO</p>— Eric Balchunas (@EricBalchunas) September 5, 2025</blockquote></div><h2>Robinhood makes the cut </h2><p>That said, cryptocurrency-friendly brokerage platform Robinhood has made the cut. It will join the index together with mobile technology company AppLoving and construction and facilities company Emcon Group. </p><p>Meanwhile, casino company Caesars Entertainment, financial technology company MarketAxess Holdings, and clean energy company Enphase Energy are on their way out. </p></div></div>

Breaking: Strategy Snubbed from S&P 500 Inclusion

领先的比特币企业持有者 Strategy (MSTR) 未能入选标普 500 指数，这对该公司而言是一次重大挫折。
受此影响，MSTR 股价在盘后交易中下跌逾 2%。与此同时，根据 CoinGecko 的数据，比特币目前交易价格为 110,832 美元，过去一小时内下跌 0.5%。
值得注意的是，尽管 Strategy 满足了多项标准（例如市值、流动性、公众持股量等），但该公司仍未能被纳入标普 500 指数。
正如彭博社的 Eric Balchunas 所解释的那样，该公司被一个评选委员会拒绝，该委员会在决定哪些公司最终被纳入该指数方面拥有最终决定权。Balchunas 在一篇社交媒体帖子中表示：“你必须意识到，SPX 本质上是一个由秘密委员会管理的主动型基金。”
这个秘密委员会的成员并非公开，他们会考虑定性因素，并可能根据相当主观的标准拒绝公司。
为什么$MSTR满足所有标准却未被纳入标普500指数？因为“委员会”拒绝了。你必须意识到，标普500指数本质上是一个由秘密委员会管理的主动型基金。我们采访了曾经管理这个委员会的那位“Trillions”成员。去看看吧。pic.twitter.com/w334JrX9VO
— Eric Balchunas (@EricBalchunas) 2025年9月5日
Robinhood入选
话虽如此，对加密货币友好的经纪平台Robinhood已入选。它将与移动科技公司AppLoving以及建筑和设施公司Emcon Group一起加入该指数。
与此同时，博彩公司Caesars Entertainment、金融科技公司MarketAxess Holdings和清洁能源公司Enphase Energy即将退出。

<div><div><p>领先的企业比特币持有者 Strategy (MSTR) 未能进入旗舰标准普尔 500 指数，这对该公司来说是一个巨大的挫折。</p><adv></adv><p>受此打击后，MSTR 股价在盘后交易中下跌逾 2%。与此同时，根据 CoinGecko 的数据，比特币目前交易价格为 110,832 美元，过去一小时下跌了 0.5%。</p><adv></adv><p>值得注意的是，尽管满足各种标准（例如市值、流动性、公众流通量等），但 Strategy 未能被纳入标准普尔 500 指数。</p><p>正如彭博社的埃里克·巴尔丘纳斯（Eric Balchunas）所解释的那样，该公司被一个评选委员会拒绝了，该委员会对最终纳入该指数的公司拥有最终决定权。巴尔丘纳斯在一篇社交媒体帖子中表示：“你必须意识到，SPX本质上是一个由秘密委员会管理的主动型基金。”</p><p>该秘密委员会的成员不公开，会考虑定性因素，并可以根据相当主观的标准拒绝公司。</p><div><blockquote><p>为什么$MSTR满足所有标准却没被纳入标普500指数？因为“委员会”拒绝了。你必须明白，标普500本质上是一个由秘密委员会管理的主动型基金。我们采访了曾经管理这个委员会的那位老兄，他管理着数万亿美元基金。去看看吧。pic.twitter.com/w334JrX9VO</p> — Eric Balchunas (@EricBalchunas) 2025年9月5日</blockquote></div><h2>Robinhood 入选</h2><p>尽管如此，对加密货币友好的经纪平台 Robinhood 还是入选了该指数。它将与移动技术公司 AppLoving 以及建筑和设施公司 Emcon Group 一起被纳入该指数。</p><p>与此同时，赌场公司凯撒娱乐 (Caesars Entertainment)、金融科技公司 MarketAxess Holdings 和清洁能源公司 Enphase Energy 也即将退出市场。</p></div></div>

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