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

領先的比特幣企業持有者 Strategy (MSTR) 未能入選標普 500 指數，這對該公司而言是一次重大挫折。
受此影響，MSTR 股價在盤後交易中下跌逾 2%。與此同時，根據 CoinGecko 的數據，比特幣目前交易價格為 110,832 美元，過去一小時內下跌 0.5%。
值得注意的是，儘管 Strategy 滿足了多項標準（例如市值、流動性、公眾持股量等），但該公司仍未能被納入標普 500 指數。
正如彭博社的 Eric Balchunas 所解釋的那樣，該公司被一個評選委員會拒絕，該委員會在決定哪些公司最終被納入該指數方面擁有最終決定權。Balchunas 在一篇社交媒體帖子中表示：“你必須意識到，SPX 本質上是一個由秘密委員會管理的主動型基金。”
這個秘密委員會的成員並非公開，他們會考慮定性因素，並可能根據相當主觀的標準拒絕公司。
為什麼$MSTR滿足所有標準卻未被納入標普500指數？因為“委員會”拒絕了。你必須意識到，標普500指數本質上是一個由秘密委員會管理的主動型基金。我們採訪了曾經管理這個委員會的那位“Trillions”成員。去看看吧。pic.twitter.com/w334JrX9VO
— Eric Balchunas (@EricBalchunas) 2025年9月5日
Robinhood入選
話雖如此，對加密貨幣友好的經紀平臺Robinhood已入選。它將與移動科技公司AppLoving以及建築和設施公司Emcon Group一起加入該指數。
與此同時，博彩公司Caesars Entertainment、金融科技公司MarketAxess Holdings和清潔能源公司Enphase Energy即將退出。

<div><div><p>領先的企業比特幣持有者 Strategy (MSTR) 未能進入旗艦標準普爾 500 指數，這對該公司來說是一個巨大的挫折。</p><adv></adv><p>受此打擊後，MSTR 股價在盤後交易中下跌逾 2%。與此同時，根據 CoinGecko 的數據，比特幣目前交易價格為 110,832 美元，過去一小時下跌了 0.5%。</p><adv></adv><p>值得注意的是，儘管滿足各種標準（例如市值、流動性、公眾流通量等），但 Strategy 未能被納入標準普爾 500 指數。</p><p>正如彭博社的埃裡克·巴爾丘納斯（Eric Balchunas）所解釋的那樣，該公司被一個評選委員會拒絕了，該委員會對最終納入該指數的公司擁有最終決定權。巴爾丘納斯在一篇社交媒體帖子中表示：“你必須意識到，SPX本質上是一個由秘密委員會管理的主動型基金。”</p><p>該秘密委員會的成員不公開，會考慮定性因素，並可以根據相當主觀的標準拒絕公司。</p><div><blockquote><p>為什麼$MSTR滿足所有標準卻沒被納入標普500指數？因為“委員會”拒絕了。你必須明白，標普500本質上是一個由秘密委員會管理的主動型基金。我們採訪了曾經管理這個委員會的那位老兄，他管理著數萬億美元基金。去看看吧。pic.twitter.com/w334JrX9VO</p> — Eric Balchunas (@EricBalchunas) 2025年9月5日</blockquote></div><h2>Robinhood 入選</h2><p>儘管如此，對加密貨幣友好的經紀平臺 Robinhood 還是入選了該指數。它將與移動技術公司 AppLoving 以及建築和設施公司 Emcon Group 一起被納入該指數。</p><p>與此同時，賭場公司凱撒娛樂 (Caesars Entertainment)、金融科技公司 MarketAxess Holdings 和清潔能源公司 Enphase Energy 也即將退出市場。</p></div></div>

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