Strategy (MSTR), the prominent Bitcoin treasury company co-founded by Michael Saylor, faced a significant setback with its rejection from the S&P 500 index on Friday, September 5. This decision came despite the company reportedly meeting various quantitative criteria such as market capitalization, liquidity, and public float, leading to an immediate 2% drop in MSTR shares in after-hours trading.

Michael Saylor, a staunch Bitcoin advocate, reacted to the exclusion by posting an infographic on social media, emphasizing MSTR's superior market performance. His tweet, dated September 6, 2025, highlighted that MSTR had significantly outperformed both the S&P 500 (SPY) and Bitcoin itself. The data presented showed MSTR with a 92% surge, while SPY lagged with a 14% increase, and Bitcoin recorded a 55% annualized growth during the “Bitcoin Standard Era Return.” Saylor’s reaction underscored his belief that MSTR’s inclusion in the S&P 500 was merely awaiting formal recognition, given its strong market position.

The reasoning behind MSTR's rejection, despite its strong performance and adherence to standard criteria, was attributed to the S&P 500's secretive selection committee. Bloomberg's Eric Balchunas explained that the index is effectively an “active fund run by a secret committee” that wields final say. This committee operates based on qualitative factors and can reject companies using subjective criteria, with its members remaining anonymous. This suggests that factors beyond purely quantitative metrics influenced the decision to exclude Strategy.

Conversely, the cryptocurrency-friendly brokerage platform Robinhood successfully made the cut and will join the S&P 500 index. It will be included alongside mobile technology company AppLoving and construction and facilities company Emcon Group. Simultaneously, several companies are exiting the index, including casino company Caesars Entertainment, financial technology company MarketAxess Holdings, and clean energy company Enphase Energy. Following the news, the official X account for Strategy affirmed that, despite the “unfortunate event,” the company remains undeterred and will maintain its commitment to its Bitcoin-centric strategy. Bitcoin, at the time of reporting, was trading at $110,832, after a slight dip.