Bitcoin (BTC) stands to gain if Strategy (MSTR) — the company formerly known as MicroStrategy — is added to the S&P 500 Index after posting one of its strongest quarterly performances. Strategy is one of the largest corporate holders of bitcoin, with its treasury owning more than 3% of BTC’s circulating supply. Strategy’s S&P 500 inclusion would be bullish for Bitcoin
Crypto commentator Lark Davis tweeted earlier that Strategy could be added to the S&P 500 as soon as this Friday.
Entry into the benchmark would likely trigger substantial passive inflows, potentially channeling billions of dollars into both Strategy’s stock and its bitcoin holdings.
CoinGecko records show Strategy holds 632,457 BTC on its balance sheet, a position worth roughly $69 billion at current prices. The company’s total acquisition cost for that bitcoin is just over $46.5 billion.
What the S&P 500 represents and criteria for entry
The S&P 500 tracks 500 of the largest publicly traded U.S. companies and covers about 80% of total U.S.
market capitalization. It is widely used as a barometer for the health of the U.S. stock market and economy.
To be eligible for inclusion, a company typically must be U.S.-based, have at least 12 months of trading history on a major U.S. exchange, possess a market capitalization above $22.7 billion, and maintain at least 50% public float.
A Wall Street analyst noted on X that Strategy is effectively already treated as part of the index by some market participants and that an official announcement is the remaining step. Strong Q2 2025 results for Strategy
Strategy reported robust Q2 2025 financials despite an uncertain macroeconomic backdrop: $14 billion in operating income, $10 billion in net income, and $114.5 million in total revenue for the quarter.
A major contributor to the impressive earnings was the company’s adoption of fair-value accounting standards in January 2025, which allow unrealized gains on its bitcoin holdings to be recognized in results.
Those unrealized gains were amplified as bitcoin reached a new all-time high of $124,128 on August 14. Market performance and broader implications
Despite the strong quarter, Strategy’s stock (MSTR) has softened recently, falling more than 15% over the past month and trading at $334.75 in after-hours trading on August 29.
If added to the S&P 500, Strategy would join only a small group of crypto-focused companies in the index, alongside firms such as Block. At the time of writing, bitcoin is trading at $108,651, down roughly 0.2% over the past 24 hours.
