Robinhood

Bitcoin

James

<p>Bloomberg ETF analyst James Seyffart noted that S&amp;P Dow Jones Indices announced AppLovin, Robinhood, and EMCOR Group will be added to the S&amp;P 500 Index, replacing MarketAxess Holdings, Caesars Entertainment, and Enphase Energy. Seyffart also pointed out that MicroStrategy ($MSTR) was not included in this round of additions.</p>
<p>Seyffart <a href="https://x.com/JSeyff/status/1964075596033425657" target="_blank" rel="noopener noreferrer nofollow">posted</a> on X: “APPLOVIN, ROBINHOOD, EMCOR GROUP TO JOIN S&amp;P 500 INDEX.” In response, fellow Bloomberg analyst Eric Balchunas highlighted MicroStrategy’s exclusion, noting the stock fell by roughly 2% after the announcement.&nbsp;</p>
<p>He added that MarketAxess, Caesars, and Enphase will be removed from the index as part of the quarterly rebalancing.</p>
<p>When asked about what this could mean for crypto, Seyffart pointed out that MicroStrategy ($MSTR) was left out and won’t be included until December. The move drew attention because of MicroStrategy’s massive Bitcoin holdings, tying the S&amp;P 500 decision indirectly to crypto sentiment.&nbsp;</p>
<h2 class="wp-block-heading" id="committee-discretion-shapes-index-composition">Committee Discretion Shapes Index Composition</h2>
<p>Despite meeting all requirements for inclusion, MicroStrategy was not selected. Balchunas explained: “Why wasn’t $MSTR allowed into the S&amp;P 500 Index despite meeting all the criteria? Because the ‘Committee’ said no. You have to realize SPX is essentially an active fund run by a secret committee.” This highlights the discretionary nature of the S&amp;P 500, where eligibility alone does not guarantee entry.</p>
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       <p>Why wasn't <a href="https://twitter.com/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$MSTR</a> allowed into the S&amp;P 500 Index despite meeting all the criteria? Because the 'Committee' said no. You have to realize SPX is essentially an active fund run by a secret committee. We intv'd the dude who used to run this committee on Trillions. Check it out. <a href="https://t.co/w334JrX9VO" rel="noopener noreferrer nofollow">pic.twitter.com/w334JrX9VO</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1964077659756839340?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 5, 2025</a>
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<h2 class="wp-block-heading" id="quarterly-rebalancing-update">Quarterly Rebalancing Update</h2>
<p>The S&amp;P 500’s quarterly rebalancing aims to ensure that the index continues to represent market capitalization and sector balance among large-cap U.S. equities.&nbsp;</p>
<p>Applovin (Nasdaq: APP), Robinhood (Nasdaq: HOOD), and Emcor Group (NYSE: EME) will join the S&amp;P 500 before markets open on September 22, replacing MarketAxess, Caesars, and Enphase. This shows the committee is keeping the index updated with current market trends.</p>
<p>MicroStrategy being left out has caught the attention of investors and analysts, especially because of its crypto holdings. While Robinhood, Applovin, and Emcor are added to balance the sectors, MicroStrategy’s exclusion proves that even if a company meets all the rules, the committee can still decide not to include it.</p>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <p>Also Read: <a href="https://www.cryptotimes.io/2025/09/06/coinbase-adds-9-new-assets-as-collateral-for-perpetual-futures/" target="_blank" rel="noopener noreferrer nofollow">Coinbase Adds 9 New Assets as Collateral for Perpetual Futures</a></p>
</blockquote>

S&P 500 Adds AppLovin, Robinhood, Emcor, Excludes MicroStrategy

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