In a surprising move, Robinhood (HOOD), the US-based cryptocurrency trading platform, has been approved for inclusion in the S&P 500 index, which represents the 500 largest publicly traded companies in the United States.
This announcement, made by S&P Dow Jones Indices, has sent ripples through the community, particularly given the recent speculation surrounding the potential inclusion of Strategy, the Bitcoin treasury firm led by Michael Saylor.
Robinhood Joins S&P 500
Joining Robinhood in the S&P 500 are AppLovin, a marketing platform, and Emcor, a mechanical and electrical construction services company. These firms will replace MarketAxess, a bond trading platform, and Enphase Energy, a solar inverter manufacturer, respectively. The changes are set to take effect on September 22.
Following the announcement, shares of Robinhood experienced a notable rise, climbing 7.3% in extended trading. AppLovin saw a 7% increase, while Emcor gained 2.2%.
Notably, Robinhood’s stock has more than doubled this year in line with the broader cryptocurrency market, bringing the company’s market capitalization to approximately $91.5 billion.
No Official Comment From Strategy
Earlier this year, Coinbase made headlines as the first digital asset firm to join the S&P 500, adding a layer of legitimacy to the US cryptocurrency sector which has gained significant traction under President Donald Trump’s administration.
The announcement also follows a social
Go to Source to See Full Article
Author: Ronaldo Marquez
