Strategy Misses S&P 500 Spot Despite $10B Profit from Bitcoin Surge

Strategy, the company formerly known as MicroStrategy, remains the world’s largest corporate holder of Bitcoin but failed to secure a place in the S&P 500 during the latest rebalancing. The decision caught many by surprise, especially since Robinhood, another crypto-linked firm, was added.

The S&P 500 requires companies to maintain positive earnings across four consecutive quarters, a standard Strategy failed to meet due to wild swings in Bitcoin’s price. In Q2, rising BTC prices pushed Strategy to a staggering $10 billion profit, while the previous quarter recorded a $4.2 billion loss.

Analysts suggest that this volatility undermines the stability needed for index inclusion, even as the company boasts over 636,000 BTC in its treasury. Michael Saylor has argued that the firm’s stock has outperformed both Bitcoin and the index itself, underscoring the growing disconnect between traditional finance rules and digital asset realities.

The next chance for inclusion comes in December, leaving Strategy and its investors waiting.