In a stunning transfer, Robinhood (HOOD), the US-based cryptocurrency buying and selling platform, has been accredited for inclusion within the S&P 500 index, which represents the five hundred largest publicly traded firms within the United States.
This announcement, made by S&P Dow Jones Indices, has despatched ripples by means of the group, notably given the latest hypothesis surrounding the potential inclusion of Strategy, the Bitcoin treasury agency led by Michael Saylor.
Robinhood Joins S&P 500
Joining Robinhood within the S&P 500 are AppLovin, a advertising platform, and Emcor, a mechanical and electrical building companies firm. These companies will change MarketAxess, a bond buying and selling platform, and Enphase Energy, a photo voltaic inverter producer, respectively. The modifications are set to take impact on September 22.
Following the announcement, shares of Robinhood skilled a notable rise, climbing 7.3% in prolonged buying and selling. AppLovin noticed a 7% enhance, whereas Emcor gained 2.2%.
Notably, Robinhood’s inventory has greater than doubled this 12 months in step with the broader cryptocurrency market, bringing the corporate’s market capitalization to roughly $91.5 billion.
No Official Comment From Strategy
Earlier this 12 months, Coinbase made headlines as the primary digital asset agency to hitch the S&P 500, including a layer of legitimacy to the US cryptocurrency sector which has gained important traction underneath President Donald Trump’s administration.
The announcement additionally follows a social media put up on X (previously Twitter) from Michael Saylor that hinted at Strategy’s potential inclusion within the S&P 500:
Nasdaq’s new place on digital asset treasury formations doesn’t have an effect on Strategy, our ATMs or our different capital markets actions.
As of this writing, there was no official assertion from the corporate or Saylor himself concerning Strategy’s failure to hitch the celebrated index on Friday.
Featured picture from DALL-E, chart from TradingView.com
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