- Strategy (formerly MicroStrategy) was not added to the S&P 500 index in the latest mid-quarter update.
- SanDisk was selected instead to replace Interpublic Group.
- Strategy meets all typical S&P 500 criteria but has been repeatedly passed over by the index committee.
- The company’s large Bitcoin holdings and unusual financial reporting may contribute to the delay in inclusion.
- The S&P 500 Index Committee operates with discretion and does not publicly explain its decisions.
The S&P Dow Jones Indices decided not to add Strategy (formerly MicroStrategy) to the S&P 500 index in a mid-quarter announcement on November 24, 2025. Instead, SanDisk was chosen to replace Interpublic Group. This mid-quarter change involved only one stock and deviated from the committee’s usual practice of multiple additions and removals announced quarterly.
Strategy meets the technical requirements for S&P 500 inclusion. It is domiciled in the US, earns most of its revenue domestically, trades on the NASDAQ, ranks in the 85th percentile of market capitalization within the S&P Total Market Index, had positive GAAP earnings last quarter, has traded at least 250,000 shares in the previous six months, and reported positive GAAP earnings over the last four quarters.
Despite qualifying, Strategy has been excluded for several months. The company’s CEO Phong Le indicated that its significant bitcoin (BTC) holdings—over $48 billion—create complexities in its financial statements. These large unrealized gains, reported according to modern but non-standard accounting rules, differ from typical filings and may contribute to the committee’s hesitation.
The index committee usually waits multiple quarters before adding companies that first meet criteria. Many household names, including Tesla, experienced similar delays before their inclusion. The committee’s decisions remain confidential with members anonymous and no formal explanations given. They may consider factors beyond public financial metrics, such as long-term stability or creditworthiness.
The S&P 500’s next scheduled regular update is expected after market close on December 5, 2025. Meanwhile, Strategy remains a possible candidate for inclusion. On the binary options platform Kalshi, traders assign about an 8% chance that MSTR will join the S&P 500 in 2025. Further information is available in the official announcement.
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