Michael Saylor, the prominent Bitcoin advocate and co-founder of the Bitcoin treasury company Strategy (MSTR), publicly reacted to the company's rejection from the S&P 500 index. On Friday, September 5, the official decision was made not to include Strategy, a move Saylor highlighted by posting an infographic demonstrating MSTR's superior market performance compared to both the S&P 500 (SPY) and Bitcoin itself. The data showed MSTR with a 92% surge, while SPY lagged with a 14% increase, and Bitcoin recorded 55% annualized growth in its “Bitcoin Standard Era Return.”

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 actively managed fund overseen by this non-public committee, which considers qualitative and subjective factors in its final decision-making process. This suggests that the committee's subjective assessment can override quantitative qualifications.

Following the news of the rejection, MSTR shares immediately dropped by 2% in after-hours trading. However, the company's official X account affirmed its commitment to its Bitcoin strategy, stating that it would not be deterred from its chosen path. Meanwhile, the cryptocurrency-friendly brokerage platform Robinhood, which allows users to invest in both traditional stocks and crypto, successfully made the cut for the S&P 500. Robinhood will join the index alongside mobile technology company AppLoving and construction and facilities company Emcon Group, while Caesars Entertainment, MarketAxess Holdings, and Enphase Energy are slated for removal. Bitcoin itself was trading at $110,832, experiencing a slight dip of 0.5% over the past hour, according to CoinGecko data, amidst these market developments.