According to @StockMKTNewz, AppLovin (APP) will become an S&P 500 constituent at the U.S. market open tomorrow, with the change effective on the opening print; source: @StockMKTNewz on X, Sep 21, 2025. Passive S&P 500 trackers such as SPY and VOO seek to replicate the index and will adjust holdings to include APP around the effective time, typically creating mechanical buy demand and elevated liquidity; sources: SPDR S&P 500 ETF Trust prospectus; Vanguard 500 Index Fund prospectus. S&P Dow Jones Indices implements constituent changes effective prior to market open on the announced date, concentrating trading activity in the implementation window; source: S&P Dow Jones Indices, S&P U.S. Indices Methodology and Corporate Actions Policies. Index addition events have historically shown short-term volume spikes and price effects around the effective window that traders may attempt to fade or follow intraday; sources: S&P Dow Jones Indices research on index rebalances; academic literature on index additions (e.g., Chen and Norli, 2004). For crypto, there is no direct on-chain impact, but cross-asset risk appetite around the U.S. cash open can coincide with BTC and ETH correlation shifts versus U.S. equities, so monitoring crypto liquidity during the opening hour is prudent; sources: Fidelity Digital Assets 2023 research on BTC–equity correlations; Coin Metrics correlation analyses.

According to @rovercrc, Michael Saylor hinted at a potential S&P 500 inclusion for MicroStrategy (MSTR) in a post on X. Per S&P Dow Jones Indices’ S&P U.S. Indices Methodology, S&P 500 additions are determined by the Index Committee and only take effect after an official S&P DJI announcement. S&P Dow Jones Indices states that eligibility includes market capitalization, liquidity, public float thresholds, U.S. domicile, and a record of positive GAAP earnings over recent quarters. According to MicroStrategy’s annual report, Bitcoin is the company’s primary treasury reserve asset, linking MSTR’s fundamentals to BTC on its balance sheet. If inclusion occurs, index-tracking funds replicate changes by purchasing the added stock, per S&P Dow Jones Indices’ index implementation practices, which would extend indirect BTC exposure into those passive portfolios given MicroStrategy’s disclosed Bitcoin strategy. Traders should await confirmation via S&P Dow Jones Indices’ official index announcements and MicroStrategy’s investor relations disclosures before positioning, per S&P Dow Jones Indices’ communications on index changes and MicroStrategy’s reporting practices.

According to Eric Balchunas, several major stocks such as Microsoft (MSFT) and Tesla (TSLA) had their S&P 500 admissions delayed by the Index Committee, and he calls for a comprehensive list of all such delayed entrants for analysis; source: Eric Balchunas, X, Sep 5, 2025. According to Eric Balchunas, he proposes constructing a backtest basket of these delayed entrants and comparing its historical performance against SPX to evaluate any index-inclusion delay effects that could be trade-relevant; source: Eric Balchunas, X, Sep 5, 2025. According to Eric Balchunas, the post does not provide performance results or discuss cryptocurrency market implications; source: Eric Balchunas, X, Sep 5, 2025.

According to @KobeissiLetter, Robinhood stock (HOOD) surged nearly 10 percent on news it will be added to the S&P 500, reported on Sep 5, 2025 (source: @KobeissiLetter).

According to @EricBalchunas, MicroStrategy (MSTR) did not receive the anticipated inclusion, and the stock is down about 2% intraday (source: Eric Balchunas on X, Sep 5, 2025). No additional details on what inclusion refers to were provided in the post, limiting visibility into the driver beyond the immediate price reaction (source: Eric Balchunas on X, Sep 5, 2025).

According to @Andre_Dragosch, $MSTR is among the top two companies currently eligible for an index addition today, and he would be surprised if it is not added. Source: Andre Dragosch on X, Sep 5, 2025. He cited a chart by @JSeyff to support the eligibility ranking. Source: Chart via @JSeyff as referenced by Andre Dragosch on X, Sep 5, 2025. If an addition is confirmed, index changes typically trigger passive fund buying and rebalance-related flows that can impact short-term price, volume, and spreads for the added stock. Source: S&P Dow Jones Indices research on index rebalancing effects. MicroStrategy holds a large amount of Bitcoin on its balance sheet, and the company discloses that Bitcoin price fluctuations can materially affect its stock price, linking MSTR performance to BTC conditions during such events. Source: MicroStrategy Investor Relations disclosures and Form 10-K risk factors.