Strategy (MSTR), a leading company's Bitcoin holder, failed to reach the flagship S&P 500 index in a major setback for the company.
MSTR stocks have fallen by more than 2% in after-hours trading after snub. Meanwhile, Bitcoin is currently changing its hands at $110,832 after a 0.5% drop in the past hour.
In particular, the strategy was not included in the S&P 500 index despite meeting various criteria (such as market capitalization, liquidity, public floats).
As Bloomberg's Eric Balknas explained, the company was rejected by the selection committee, which has the final say in determining which companies are part of the index. “We must recognize that SPX is essentially an active fund run by the Secret Committee,” Balchunas said in a social media post.
Secret Committees whose members are not publicly disclosed can take into account qualitative factors and reject businesses based on rather subjective criteria.
Why was $MSTR not allowed for S&P 500 indexes despite meeting all criteria? Because the “committee” said no. You need to recognize that SPX is essentially an active fund run by the Secret Commission. We intonaged the guy who ran this committee in trillions. Check it out. pic.twitter.com/w334jrx9vo
– Eric Balchunas (@ericbalchunas) September 5, 2025
Robin Hood cuts
That said, the cryptocurrency-friendly broker platform Robinhood has cut it down. Join the index along with mobile technology companies Apploving and Construction and Facilities Company EMCON Group.
Meanwhile, Casino Company's Caesars Entertainment, Financial Technology Company Markets Holdings, and Clean Energy Company Enphase Energy are available.
