Robinhood Stock Climbs 15% on S&P 500 Addition, but Experts Warn Strategy Remains Underwhelming

Robinhood Rockets 15% on S&P 500 Inclusion; Strategy Shares Slip After Bitcoin Exposure Seen as Risk

Robinhood (HOOD) surged 15% on Monday following news of its upcoming inclusion in the S&P 500, the widely watched benchmark for U.S. equities. The addition, announced after markets closed on Friday, will take effect during the index’s September 22 rebalance.

The trading platform has nearly tripled in value this year and was long viewed as a leading candidate for S&P inclusion, ranking among the largest eligible companies yet to join the index.

Meanwhile, Strategy (MSTR), the bitcoin-focused technology firm, fell after being passed over, despite meeting eligibility criteria for the first time this quarter. Strategy reported $14 billion in operating income and $10 billion in net income for Q2 2025, meeting the S&P’s financial thresholds. Analysts suggest that the committee may have hesitated due to the source of the revenue—bitcoin—which is highly volatile.

Shares of MSTR were down 1.5% in late-morning U.S. trading.

Speaking on CNBC, Strategy CEO Michael Saylor noted he had not expected immediate inclusion. “We didn’t anticipate selection on our first quarter of eligibility. We figured it would happen eventually,” he said.

Benchmark analyst Mark Palmer added that S&P approval is not critical for Strategy’s credibility. “The market has already validated their operating model,” he said.

TD Cowen analyst Lance Vitanca called the decision unsurprising. “Inclusion was never central to our investment thesis, though it remains a potential positive catalyst,” he wrote.

Observers note that S&P may be cautious about companies with heavy exposure to bitcoin. Vitanca added, “If the committee’s decision reflects deeper philosophical or economic considerations, those concerns may ease over time.”