Michael Saylor, co-founder of the Bitcoin treasury company Strategy (MSTR) and a staunch Bitcoin advocate, recently voiced his reaction to the company's rejection from the S&P 500 index. On Friday, September 5, the official decision was made, excluding Strategy while including other companies, notably the cryptocurrency-friendly brokerage platform Robinhood, alongside mobile technology company AppLoving and construction and facilities company Emcon Group. This decision also saw casino company Caesars Entertainment, financial technology company MarketAxess Holdings, and clean energy company Enphase Energy exit the index.

Saylor promptly responded to the S&P 500 snub by sharing an infographic via tweet. The data highlighted Strategy's exceptional market performance, indicating that MSTR had significantly outperformed the S&P 500 (SPY) and even Bitcoin itself. The infographic showcased MSTR with a remarkable 92% surge, while SPY lagged with a 14% increase, and Bitcoin demonstrated 55% annualized growth in terms of “Bitcoin Standard Era Return.” Saylor’s tweet underscored his belief that MSTR's inclusion was merely a matter of formal recognition, given its superior performance.

Despite meeting various objective criteria for S&P 500 inclusion, such as market capitalization, liquidity, and public float, Strategy was ultimately rejected by a secretive selection committee. Bloomberg's Eric Balchunas explained that the S&P 500 is essentially an