S&P 500 Update: Robinhood and Strategy Left Out, Shares Retreat, Interactive Brokers Gains

Against widespread expectations, Robinhood and Strategy were not added to the S&P 500, prompting declines in their stock prices. The announcement on August 25 drew attention, as both companies had been considered likely candidates to join the benchmark index due to strong performance and market interest.

Robinhood and Strategy React to S&P 500 Snub

Robinhood, the online trading platform, has had a remarkable year. Its shares have surged nearly 190% since the start of 2025, repeatedly hitting new highs as retail investors drove strong buying activity. 

This performance had led many on Wall Street to expect the company would be added to the S&P 500. Yet, the committee overseeing the index decided otherwise, and Robinhood’s stock fell slightly, trading at $107.05 on Tuesday, down 0.83% from Monday’s close of $107.94.

Strategy, a software firm known for its large Bitcoin holdings, experienced a similar setback. Its shares dropped 4.17% on Monday to $343.20 following the announcement. After-hours trading saw a modest rebound to $343.96, and by Tuesday, the stock had risen slightly to $344.47, reflecting a 0.37% increase from Monday’s close.

Interactive Brokers Benefits from S&P 500 Inclusion

While Robinhood and Strategy were overlooked, Interactive Brokers Group was added to the S&P 500, replacing Walgreens Boots Alliance. The inclusion generated immediate positive movement in its stock, which surged 4.4% in after-hours trading on Monday to $65.54. 

On Tuesday, shares traded at $62.72, showing only a slight decline from Monday’s closing price of $62.76.

Being added to the S&P 500 is generally viewed as a notable advantage for companies. Funds that track the index are required to purchase shares of newly included firms, creating immediate demand and potentially pushing stock prices higher. Conversely, missing out can trigger declines, reflecting investor disappointment.

Strategy’s Bitcoin Holdings Remain Significant

Strategy continues to hold a substantial Bitcoin portfolio, which has helped stabilize investor sentiment despite missing S&P 500 inclusion. On Monday, it revealed that it had acquired 3,081 Bitcoin for approximately $356.9 million, at an average price of about $115,829 per coin. 

Its total holdings at the end of August 24 stood at 632,457 Bitcoin, purchased at an average of $73,527 per coin and valued at roughly $46.5 billion. The firm has achieved a year-to-date Bitcoin yield of 25.4% in 2025.

While the existing holdings continue to generate this yield, Michael Saylor’s firm has slowed its pace of purchases compared with July, when it acquired 31,466 coins. In August, only 3,666 Bitcoin were added, reflecting a notable reduction in monthly acquisitions.

Requirements for S&P 500 Inclusion

The S&P 500 committee evaluates several factors when deciding which companies to include:

• The company must be based in the United States.
• The company needs to be traded on a recognized U.S. stock exchange, including the NYSE, Nasdaq, or Cboe.
• The company must have a market capitalization of at least $22.7 billion.
• The stock must have sufficient trading volume and liquidity to allow investors to buy and sell shares easily.

Even when a company meets these requirements, inclusion is not guaranteed. The committee exercises discretion and evaluates additional factors beyond basic financial metrics. This approach explains why high-performing companies such as Robinhood and Strategy may still be excluded.