Strategy Is Passed Over in the September S&P 500 Rebalance
S&P Dow Jones Indices selected AppLovin, Robinhood, and Emcor Group for the S&P 500's September rebalance while widely watched Bitcoin-treasury company Strategy was not selected. The decision became an early focal point in a larger debate over how major indexes would treat companies whose balance sheets were dominated by Bitcoin.
On September 5, 2025, S&P Dow Jones Indices announced that AppLovin, Robinhood Markets, and Emcor Group would join the S&P 500 at the September quarterly rebalance. Strategy, the public company that had accumulated more Bitcoin than any other corporate holder, had been widely discussed as a possible entrant but was not selected.
The omission mattered because Strategy had grown into one of the largest U.S. companies outside the index and had begun reporting substantial GAAP earnings after accounting rules changed how companies measured Bitcoin. Contemporary analysis noted that Strategy satisfied the index's published size and profitability thresholds, while also emphasizing that meeting the numerical requirements does not guarantee admission: the S&P index committee retains discretion over composition. S&P did not publish a company-specific reason for leaving Strategy out, so the event should not be described as an official rejection of Bitcoin or as proof of the committee's motive.
Historically, the September decision became an early stage in a broader 2025 debate over whether Bitcoin-treasury companies fit comfortably inside major equity benchmarks. That question became more explicit in the following months as MSCI examined treatment of digital-asset treasury companies and investors considered the passive-flow consequences of index inclusion or exclusion. September therefore marks a meaningful institutional boundary test for the corporate Bitcoin-treasury model.