Robinhood was added to the S&P 500 on Sept. 5, 2025, while MicroStrategy — the largest corporate holder of Bitcoin — was passed over, surprising some investors and reshuffling the list of crypto-linked stocks.
After hours, Robinhood (HOOD) jumped about 7% on the news that the digital brokerage will join the S&P 500 effective Sept. 22. MicroStrategy (MSTR) slipped nearly 3% following the announcement, wiping out earlier gains despite posting one of its strongest quarters and meeting the index’s formal criteria.
Before Friday’s change, only Coinbase (COIN) and Block (formerly Square) were included in the S&P 500. Robinhood’s addition makes it the third widely recognized crypto-adjacent firm in the benchmark and underscores growing overlap between mainstream finance and crypto services.
Index inclusion matters because passive funds and ETFs that track the S&P 500 must buy shares of newly added constituents, often producing immediate demand and price pressure. For companies with crypto exposure, that can broaden investor access beyond specialist traders and institutional buyers.
That said, index inclusion is not a guaranteed long-term catalyst. While it can bring short-term inflows, sustained performance still depends on business fundamentals, user growth, and, for crypto-linked firms, broader crypto market trends.
Source: Coindesk. Read the original coverage for full details.