Michael Saylor’s Strategy (MSTR) missed out on being added to the S&P 500 index on Friday, despite hopes of inclusion after the company posted one of the strongest quarters in its history and met all criteria for joining the index.
The stock of the largest corporate bitcoin holder declined nearly 3% after market hours, erasing all of Friday’s gains. The inclusion would have been a significant milestone for the company and for the industry as it would have exposed millions of average investors and portfolio managers to the company, potentially acting as a bullish catalyst.
In a surprise move on Friday, the digital trading platform Robinhood (HOOD), with growing crypto ambitions, was included in the S&P 500 index, driving the stock 7% higher after the market close. The changes will go into effect on September 22.
Before Friday, only two crypto-linked stocks were part of the index: Crypto exchange Coinbase (COIN) and Jack Dorsey’s Block (XYZ). Robinhood will now be added to this coveted list.
Read more: Strategy Qualifies for S&P 500, Inclusion Decision Could Come on Friday