Michael Saylor Awaits Key Decision as Strategy Qualifies for S&P 500 Inclusion

MicroStrategy's bitcoin-heavy strategy just cleared the final hurdle for S&P 500 eligibility—and Michael Saylor's watching the ticker like a hawk.

The Nod from Wall Street

Four consecutive quarters of profitability met the index's strict requirements, putting the corporate bitcoin pioneer on the institutional radar. No speculative numbers—just cold, hard accounting compliance.

Market Impact Ahead

Inclusion means automatic buying from index funds and ETFs. That’s passive demand incoming—whether traditional finance ready or not.

Another win for crypto-correlation—or just another box ticked by a guy who bet the balance sheet on digital gold? Either way, Wall Street’s playing catch-up.

S&P 500’s new inclusion announcements find Strategy ready

The corporation made $14 billion in operating income and $10 billion in net income in the second quarter of 2025. This was equal to $32.6 in diluted earnings per share. The company also made $114.5 million in sales in the last three months. This is a little 2.7% rise from the same time last year. Subscription services grew by almost 70%.

Interestingly, the next opportunity for inclusion is the September 2025 rebalancing. Announcements are due on September 5, and the revisions will happen on September 19. The S&P Dow Jones Indices committee still has the final say, but Strategy’s qualification shows how Bitcoin is becoming more important in mainstream financial markets.

The results are a big change from previous years. In January 2025, new fair-value accounting standards went into effect. This let Strategy record unrealized gains on its digital asset holdings, which directly increased profits. The corporation made a ton of money on paper when bitcoin traded above $100,000 and changed its balance sheet.

Strategy had 597,325 Bitcoins as of June 30, the company pointed out a BTC Yield of 19.7% year-to-date. Then, financial analyst Jeff Walton said that Strategy has a 91% chance of qualifying for inclusion.

At the time of his analysis, BTC was trading around $106,044. Walton pinpointed $95,240 as the critical level. If Bitcoin had closed below that threshold, Strategy WOULD fail to meet earnings eligibility criteria. However, the coin maintained over $100K level, going up to $124k.

Q3 threatens to eat up Strategy’s gains

In August, shares of Strategy Inc. dropped 15%. This has taken away a lot of the extra value the company used to have over its Bitcoin holdings. People are now more doubtful about the corporation, which has historically been a good indicator of how investors feel about crypto.

The company’s financing methods are at the heart of the worry. Strategy’s new preferred stock, which it calls its main way to buy Bitcoin in the future, hasn’t brought much interest. 

A recent sale brought in only $47 million. This is far less than Saylor’s goal of capital raising. The corporation has returned to issuing common shares to make up for the shortfall, even though it promised not to dilute existing shares. 

Strategy awaits S&P 500 inclusion to assure its investors

There is a lot at stake for more than just one corporation. Other institutions had started incorporating Saylor’s strategy. According to BitcoinTreasuries.net, Saylor’s playbook—raise debt and equity, purchase Bitcoin, let the market assign a premium, repeat—led to a wave of treasury firms that now own more than $108 billion, or 4.7% of Bitcoin’s supply. 

According to analysts, if Strategy’s premium falls, investors may lose faith in the model itself.

However, Saylor has dismissed the criticism, posting an AI-generated image of himself walking past a giant bear. The company didn’t respond to requests for comment. His supporters argue that maintaining flexibility may benefit the company should it gain inclusion in the S&P 500 or if Bitcoin booms anew.

Meanwhile, attention is shifting toward other crypto assets like Ether and Solana, seen by some as better suited to decentralized finance. Ether-focused treasuries alone have committed more than $19 billion.

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