Robinhood Set to Join S&P 500 While Strategy Fund Excluded in Rebalancing
Robinhood’s inclusion in the S&P 500 reflects its growing prominence in fintech and crypto, while MicroStrategy’s exclusion underscores the S&P's preference for diversified businesses over crypto-centric firms.
Robinhood shares surged 7% after being added to the S&P 500, effective September 22, following a strong year of growth and increasing crypto-related revenues. The company reported Q2 2024 revenue of $989 million, with $160 million coming from crypto trading. MicroStrategy, despite its significant Bitcoin holdings, was excluded from the index, with shares falling 3%. The S&P reshuffle also included AppLovin, highlighting institutional recognition of crypto-linked firms. Robinhood faces regulatory challenges related to event contracts and blockchain-based stock tokens in the EU.
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