Strategy misses September S&P 500 additions; Bitcoin losses hit earnings

Strategy was not among the companies S&P Dow Jones Indices named on September 4 for addition to the S&P 500 on September 21, 2026. The three additions were Bloom Energy, Everpure, and Illumina. The announcement did not say why Strategy or any other omitted company was not selected.

How Bitcoin losses affect the earnings screen

S&P’s published financial-viability criteria require positive GAAP net income from continuing operations in both the most recent quarter and the sum of the most recent four quarters for the S&P Composite 1500, which includes the S&P 500. The announcement of index changes does not identify the eligibility tests applied to companies that were not added.

In its second-quarter 2026 results, Strategy reported an $8.22 billion net loss for the quarter ended June 30. Its operating loss included an $8.32 billion unrealized loss on digital assets. That reported quarterly result conflicts with S&P’s positive-income screen. This comparison is an inference from the published figures and rules, not a statement that S&P rejected Strategy for a particular reason.

Strategy says current crypto-asset accounting measures its Bitcoin at fair value and recognizes price changes in net income. A price decline can therefore hurt reported earnings even if the company does not sell its Bitcoin. A later profitable quarter could change one part of the screen, but the four-quarter test and the index provider’s selection process would still matter.

Bitcoin exposure does not guarantee index membership

Strategy reported 845,050 BTC as of August 30. That dated holding shows why Bitcoin-price movements can dominate its financial statements; it is not a claim about its holdings on every later date.

The company already has a place in another major index. Nasdaq announced that MicroStrategy, now Strategy, joined the Nasdaq-100 effective December 23, 2024. Nasdaq-100 membership does not itself establish eligibility for the S&P 500, whose published criteria are separate.

For Bitcoin-focused investors, the distinction is between exposure through Strategy shares and automatic ownership by funds tracking a particular index. Strategy was absent from the announced September S&P 500 additions. Any future inclusion would require a fresh assessment under the rules and financial results then in force; neither the September announcement nor a single Bitcoin price move guarantees it.