In a significant development for the crypto industry, Robinhood (HOOD) has been approved for inclusion in the S&P 500 index, alongside AppLovin and Emcor, effective September 22. The announcement by S&P Dow Jones Indices marks a milestone for the trading platform, which has seen its stock more than double this year, reaching a market cap of approximately $91.5 billion. Following the news, Robinhood's shares surged 7.3% in extended trading.
Conversely, MicroStrategy (MSTR), led by Michael Saylor, was notably excluded despite meeting all criteria and posting a strong quarter. The company's stock declined nearly 3% after hours, erasing all of Friday's gains. This exclusion contrasts with earlier speculation fueled by Saylor's social media hints about potential inclusion. Robinhood now joins Coinbase and Block as the third crypto-linked stock in the S&P 500, reinforcing the sector's growing legitimacy under the current administration.