Robinhood and Strategy both saw their stock prices sink as they were overlooked for inclusion on the S&P 500, which went to Interactive Brokers Group.
Shares in trading platform Robinhood Markets and Bitcoin treasury firm Strategy fell in after-hours trading on Monday amid a broader market dip after missing out on being included in the S&P 500.
S&P Dow Jones Indices said late Monday that Interactive Brokers Group would join the index tracking the 500 largest US companies at market open on Thursday, replacing the pharmacy chain Walgreens Boots Alliance.
Wall Street has long been expecting Robinhood to join the S&P 500, and MicroStrategy, trading as Strategy, had recently become eligible for inclusion as its market cap was boosted by the rising value of its Bitcoin (BTC) holdings.
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