S&P Dow Jones Indices announced on Sept. 5 that Applovin (Nasdaq: APP), Robinhood Markets (Nasdaq: HOOD), and Emcor Group (NYSE: EME) will join the S&P 500 index before the market opens on Sept. 22. These companies will replace Marketaxess Holdings, Caesars Entertainment, and Enphase Energy as part of the quarterly rebalancing process. The stated objective is to keep the index aligned with the market capitalization and sector representation of large-cap U.S. equities.

Strategy (Nasdaq: MSTR), despite meeting the requirements for inclusion, was not selected. The omission has drawn attention from analysts. Bloomberg’s ETF analyst James Seyffart wrote on social media platform X: “The index committee has full discretion to add and remove names as they see fit.” Fellow Bloomberg analyst Eric Balchunas opined:

Why wasn’t $MSTR allowed into the S&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.

Of the three new constituents, only Robinhood Markets operates a direct and significant crypto business, providing users with the ability to buy, sell, and hold multiple cryptocurrencies on its platform. Applovin is a mobile technology company specializing in advertising and monetization for app developers, while Emcor Group is a specialty contractor engaged in construction and infrastructure services.

Notably, other crypto-related firms such as Coinbase and Block have already been added to the S&P 500 in previous rebalances, underscoring that digital asset exposure has not precluded inclusion in the index. The decision to leave Strategy out, despite eligibility, highlights the discretionary role of the index committee in shaping the final makeup of the benchmark.

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