Strategy may join the S&P 500 as soon as this month after clearing eligibility hurdles

Strategy, formerly known as MicroStrategy, may be on the verge of joining the S&P 500 Index after delivering one of the strongest quarters in its history.

The company posted Q2 2025 revenue of $114.5 million, a 2.7% year-over-year increase, alongside $14 billion in operating income and $10 billion in net income. The adoption of fair-value accounting standards allowed the firm to book unrealized Bitcoin gains, reversing years of impairment-driven losses.

The results mean Strategy now satisfies all S&P 500 eligibility criteria, including market cap, liquidity, and public float. Its last barrier, consistent GAAP profitability, was cleared thanks to the accounting rule change and Bitcoin’s surge above $100,000 in Q2.

The next S&P 500 rebalancing decision is due this Friday, with implementation scheduled for September 19. If approved, the company would become the first Bitcoin treasury firm on the benchmark.

Strategy’s potential addition to the S&P 500 would likely lead to strong demand for its shares from index funds and ETFs. However, analysts warn that the S&P committee could still withhold inclusion depending on sector composition, market conditions, or other discretionary criteria.