Quick Read
- Robinhood, AppLovin, and Emcor Group will join the S&P 500 on September 22, 2025.
- Robinhood’s inclusion follows a period of significant growth, including a 65% rise in transaction-based revenue.
- MicroStrategy, despite meeting formal criteria, was left out due to concerns about Bitcoin-related volatility.
- S&P 500 inclusion boosts visibility and liquidity for selected companies.
- The reshuffle highlights the growing prominence of fintech and app monetization sectors.
The financial world received significant news on September 6, 2025, when S&P Dow Jones Indices announced that Robinhood Markets, AppLovin, and Emcor Group would be added to the prestigious S&P 500 index. This inclusion, effective September 22, replaces Caesars Entertainment, MarketAxess Holdings, and Enphase Energy. The decision reflects the evolving landscape of the U.S. economy and highlights the growing prominence of fintech and app monetization companies like Robinhood and AppLovin.
Robinhood’s Meteoric Rise to Prominence
Founded in 2013, Robinhood Markets revolutionized retail trading by introducing commission-free stock trades, attracting millions of new investors. Over the years, the company expanded its offerings to include cryptocurrency trading, making it easier for users to buy digital assets like Bitcoin and Ethereum. By 2025, Robinhood had diversified its product portfolio further, launching crypto custody services, perpetual futures trading in Europe, and tokenized U.S. stocks and ETFs, as reported by Live Bitcoin News.
Robinhood’s financial performance has been equally impressive. In the second quarter of 2025, the company reported a 65% increase in transaction-based revenue, reaching $539 million. Crypto trading revenue surged by 98% to $160 million, while the total crypto trading volume rose to $28 billion. Additionally, the platform’s assets nearly doubled to $279 billion, driven by gains in both equities and cryptocurrencies. Such remarkable growth likely played a key role in its inclusion in the S&P 500.
Why Inclusion in the S&P 500 Matters
Being added to the S&P 500 is a milestone for any company, as it signifies financial stability, market prominence, and investor confidence. For Robinhood, this inclusion means that index-tracking funds and ETFs will now be required to purchase its stock, which could boost liquidity and enhance its market visibility. As noted by The Street, Robinhood’s shares surged by 6% in after-hours trading following the announcement, reflecting the market’s enthusiasm.
Moreover, the addition underscores the growing validation of fintech companies in traditional financial spaces. Robinhood joins Coinbase and Block as the only crypto-linked firms in the index, signaling a gradual acceptance of digital asset platforms by Wall Street’s elite.
AppLovin and Emcor: Other New Entrants
AppLovin, a leader in mobile app monetization and advertising technology, also secured a spot in the S&P 500. Known for its innovative solutions in the app ecosystem, AppLovin has consistently demonstrated strong growth and profitability, making it a natural choice for the index. Similarly, Emcor Group, a construction and industrial services provider, replaced Enphase Energy, further diversifying the index’s sector representation.
The S&P 500 committee emphasized that these changes aim to ensure the index remains representative of market capitalization trends and sector performance. As Fast Company reported, the index is rebalanced quarterly to maintain its alignment with the evolving economy.
MicroStrategy: The Notable Omission
While Robinhood and AppLovin celebrated their inclusion, MicroStrategy, now rebranded as Strategy Inc., was once again left out despite meeting all formal criteria. The company, which holds the largest corporate Bitcoin treasury, had posted its first GAAP profit in early 2025, thanks to new accounting standards for digital assets. However, analysts believe the S&P 500 committee may have been cautious due to the company’s heavy reliance on Bitcoin, which introduces significant volatility.
According to CCN, the omission reflects the committee’s discretionary power, which goes beyond mere financial metrics. Factors such as sector balance, competition strength, and the potential risks associated with Bitcoin-centric business models likely influenced the decision.
What This Means for the Future
The September 2025 reshuffle of the S&P 500 highlights the growing influence of fintech and digital asset companies in the broader economy. Robinhood’s inclusion not only validates its business model but also sets a precedent for other fintech firms aspiring to join the index. Meanwhile, the omission of Strategy Inc. serves as a reminder that meeting eligibility criteria does not guarantee inclusion, as the committee prioritizes stability and sector representation.
Robinhood’s entry into the S&P 500 marks a significant milestone in its journey, reflecting its financial strength and innovation in democratizing finance. As the fintech landscape continues to evolve, this move underscores the importance of adaptability and diversification in achieving long-term success.