In a surprising move, Robinhood (HOOD), the US-based cryptocurrency trading platform, has been approved for inclusion in the S&P 500 index, which represents the 500 largest publicly traded companies in the United States.
Joining Robinhood in the S&P 500 are AppLovin, a marketing platform, and Emcor, a mechanical and electrical construction services company. These firms will replace MarketAxess, a bond trading platform, and Enphase Energy, a solar inverter manufacturer, respectively. The changes are set to take effect on September 22.
Following the announcement, shares of Robinhood experienced a notable rise, climbing 7.3% in extended trading. AppLovin saw a 7% increase, while Emcor gained 2.2%.
Notably, Robinhood’s stock has more than doubled this year in line with the broader cryptocurrency market, bringing the company’s market capitalization to approximately $91.5 billion.
Earlier this year, Coinbase made headlines as the first digital asset firm to join the S&P 500, adding a layer of legitimacy to the US cryptocurrency sector which has gained significant traction under President Donald Trump’s administration.
Nasdaq’s new position on digital asset treasury formations doesn’t affect Strategy, our ATMs or our other capital markets activities.
As of this writing, there has been no official statement from the company or Saylor himself regarding Strategy’s failure to join the prestigious index on Friday.
Featured image from DALL-E, chart from TradingView.com
