MicroStrategy is not included in the S&P 500

S&P 500 Passes on MicroStrategy—for Now—but Bitcoin’s Place on Wall Street Keeps Growing

The S&P 500 Index Committee has chosen not to include MicroStrategy in its latest reshuffling, despite the company—now doing business as Strategy₿—meeting all the formal eligibility criteria. For many Bitcoin advocates, the decision is disappointing, though not entirely unexpected.

As of early September 2025, MicroStrategy held more than 636,000 BTC—worth over $70 billion—after five years of aggressive accumulation. The company’s $96 billion market cap, rising stock price, and $10 billion Q2 profit made it a clear contender for index inclusion. With new fair-value accounting rules and Bitcoin’s rise above $100,000, Strategy₿ delivered one of the most profitable quarters in U.S. corporate history.

Yet the S&P committee is under no obligation to include any particular firm, even if it meets the benchmarks. Behind closed doors, concerns may have lingered. MicroStrategy’s dual-class share structure gives co-founder Michael Saylor near-total control. Its Bitcoin-centric strategy, while successful so far, introduces volatility unusual for an index built on stability. And some institutional gatekeepers may still be uneasy with embedding Bitcoin risk—however indirect—into the core of American retirement portfolios.

The market’s reaction was measured. MSTR shares, which had rallied in anticipation of inclusion, pulled back modestly on the news. But analysts and long-term investors remain bullish. Strategy₿ continues to issue equity and preferred stock to buy more Bitcoin, feeding the feedback loop that has fueled its rise. Wall Street forecasts remain optimistic, with year-end Bitcoin targets in the $140,000–$160,000 range and expectations of strong Q3 earnings.

If anything, the company’s exclusion may sharpen its narrative: a profitable, U.S.-based firm locked out of the mainstream index not because it failed to deliver results—but because it placed Bitcoin at its center.

This isn’t the end of the road. Inclusion could come in a future rebalancing window. In the meantime, Strategy₿ has already changed the game. It proved that a company could tie its fortunes to Bitcoin—not just as a hedge, but as a primary strategy—and outperform the market.

Bitcoin’s institutional journey was never going to be smooth or universally embraced. But even without an S&P 500 listing, the message is clear: the walls between traditional finance and crypto are thinner than ever. And MicroStrategy has become the loudest proof point that corporate America can—and perhaps inevitably will—coexist with Bitcoin on its balance sheet.