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S&P Dow Jones Indices has declined to add Strategy (formerly MicroStrategy) to its S&P 500 index again. Instead of MSTR, the world’s most prestigious stock index chose SanDisk to replace Interpublic Group. Although its US Index Committee doesn’t normally explain its decisions, the mid-quarter announcement was curious. The decision didn’t coincide with the committee’s quarterly cadence and only included a single stock change. Normally, quarterly rebalancing announcements occur during the final month of each calendar quarter, and include multiple companies joining and exiting the index simultaneously. MSTR satisfies most S&P 500 Index criteria The S&P 500 establishes technical criteria for inclusion, and founder Michael Saylor has ensured that Strategy’s MSTR common stock satisfies every metric. Nonetheless, the committee has declined to add MSTR for months. As a qualifying candidate, Strategy has a US domicile, derives the majority of its revenue domestically, trades on the NASDAQ (NYSE or CBOE would also qualify), has a market capitalization in the 85th percentile of the S&P Total Market Index, had positive GAAP earnings in its most recent quarter, traded a minimum of 250,000 shares in its prior six months, and had a sum of positive GAAP earnings for its four most recent quarters. Despite meeting all of these quantitative criteria earlier this year, Strategy management speculated as to possible reasons for the index committee’s denials. First of all, most companies don’t gain immediate inclusion after they first satisfy all of the quantitative benchmarks. The S&P US Index Committee normally waits a few quarters to add them. Indeed, even Tesla and many other household names, despite their prominence, had to wait several quarters before they joined the S&P 500. Read more: Why the S&P 500 committee could deny MSTR inclusion on Friday More possible reasons for S&P 500 delays MSTR hasn’t been performing particularly well…

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Filed under: News - @ November 28, 2025 7:21 pm