Michael Saylor’s Strategy 0 cleared every technical hurdle needed to enter the S&P 500, dragging nearly $70 billion worth of Bitcoin with 1 to Bloomberg, the company posted an unrealized gain of $14 billion last quarter, putting it firmly into the profit zone the index 2 was the last missing piece for a firm that has transformed from an enterprise software company into a corporate Bitcoin 3 included, passive index funds will be required to scoop up almost 50 million shares, translating to about $16 billion worth at current 4 would put institutional investors, including pension funds, on track to become indirect Bitcoin holders overnight, simply by following the 5 Saylor, that would validate a business model built entirely on raising cash through debt and equity and funneling it into 6 approach, once dismissed by Wall Street as reckless, now comes with math, volume, and 7 it’s all happening as he deals with a market backlash against his latest financing 8 outpaces every other candidate in this quarter’s rebalance The S&P 500 isn’t easy to 9 must be based in the U.
S., highly liquid, and worth at least $22.7 billion in market 10 also need to show positive income both in the most recent quarter and across the past 11 checks every 12 out of 26 candidates listed by Stephens 13 quarter, including Robinhood Markets, AppLovin, and Carvana, Strategy came out on top in terms of float-adjusted liquidity ratio, a key metric for 14 Roberts, head of index rebalancing research at Stephens, told Bloomberg, “They care about building representation of leading companies in the 500. So, if someone is a big player in the space, it’s hard to ignore them.” That “space” now includes 15 S&P recently added Coinbase and Block, both fully embedded in the digital-asset sector, hinting that the committee is warming to the crypto footprint.
Still, getting in isn’t 16 S&P committee applies discretion and considers sector balance. That’s a 17 already dominates the 18 though Strategy meets every published rule, the gatekeepers may still say no, just to avoid overloading the sector with another high-volatility 19 and failed capital raises threaten the final decision Strategy isn’t just profitable. It’s also 20 firm’s 30-day price volatility hit 96%, ahead of even Nvidia at 77% and Tesla at 74%. That type of swing scares the committee, whose job is to maintain the index’s 21 investors who’ve tried to front-run index decisions have gotten burned.
Robinhood’s stock soared in June after rumors of an S&P 22 the invite never 23 price collapsed. Saylor’s fundraising model has also run into trouble. A recent preferred stock sale failed, falling short of 24 forced the company to return to common stock issuance, which rattled 25 stock fell 17% in August, cutting into the premium Strategy shares held over Bitcoin itself. Still, the firm made it into the Nasdaq 100 last 26 the S&P 500 is bigger, both in prestige and in 27 $10 trillion in passive money tracks the S&P, almost double that of the 28 said last year that 2025 could be the year his company gets 29 math now backs that up.
There’s also the so-called “index effect.” Research by Antti Petajisto, chief equity strategist at Brooklyn Investment Group, showed that new S&P 500 entrants tend to rally on 30 boost has become slower over time, as more traders try to guess the committee’s moves in 31 it still 32 more capital tied to indexing than ever, price movement tied to rebalancing has only 33 Yoon, managing director at Macquarie Capital, said the firm’s $90 billion market cap gives it strong positioning by 34 he warned that the final call still depends on sector weighting rules. “It’s important to note that meeting the eligibility requirements does not guarantee inclusion,” Yoon told Bloomberg.
“The S&P committee retains discretion and predicting its decisions has become increasingly difficult.” Whether the committee says yes or no, every number lines 35 is liquid, profitable, and 36 Bybit now and claim a $50 bonus in minutes
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