The stock prices of trading platform Robinhood Markets and Bitcoin treasury company Strategy fell in after-hours trading on Monday, as they missed the opportunity to be included in the S&P 500 index during a broader market decline.
S&P Dow Jones Indices announced on Monday evening that brokerage firm Interactive Brokers Group will join the index tracking the 500 largest companies in the U.S. when the market opens on Thursday, replacing pharmacy chain Walgreens Boots Alliance.
Wall Street has long anticipated that Robinhood would be included in the S&P 500 index, while MicroStrategy, trading under the name Strategy, has recently qualified for inclusion due to the rising value of its Bitcoin (BTC) holdings.
Inclusion in the S&P 500 index is typically seen as a positive for a company, as passive investors and other funds aimed at tracking the index will buy its stock.
The stock price of cryptocurrency and stock trading platform Robinhood (HOOD) fell 0.5% in after-hours trading to $107.40, following a 1.26% drop at the close on Monday.
In contrast, Interactive Brokers (IBKR) rose 3.9% in after-hours trading to $65.21 after the announcement of its inclusion, while it had gained less than 0.6% during the trading day, with the S&P 500 index closing down 0.4%.
Robinhood's stock price had also fallen earlier in June when S&P Dow Jones Indices announced that there would be no changes to the S&P 500 index during the quarterly rebalancing.
However, the company's stock price has risen nearly 190% this year, continuously setting price records, benefiting from a resurgence of enthusiasm among retail investors.
The stock price of software company Strategy (MSTR) also fell on Monday, closing down 4.17% and further declining 0.6% in after-hours trading to $341.
The company's stock price fell alongside Bitcoin, which dropped 2% in the past day, briefly falling below $110,000.
Inclusion in the S&P 500 index is determined by a committee that guides based on a series of standards that a company must meet before being included.
A company needs to have a market capitalization of at least $22.7 billion, be headquartered in the U.S., and be listed on the New York Stock Exchange, NASDAQ, or Cboe. Its stock must also meet minimum requirements for market liquidity and trading volume.
Jack Dorsey's financial services company Block, Inc. is the latest cryptocurrency-related company to enter the index, joining the S&P 500 on July 23.
Related: As Bitcoin (BTC) retraces its "Jackson Hole" gains, the cryptocurrency market sees $900 million in liquidations.
Original article: “Robinhood, Strategy miss S&P 500 inclusion opportunity, stock prices fall”
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