Strategy Inc. excluded from S&P 500 by unrealized Bitcoin loss
Strategy Inc., formerly MicroStrategy, is again ineligible for the S&P 500 quarterly rebalance because GAAP net income was negative after a $17.44 billion unrealized Bitcoin loss in one quarter. The company still meets market-cap, trading-volume and incorporation rules, and reports more than 845,000 BTC with a $50.7 billion net reserve after senior liabilities. Strategy secured Nasdaq-100 inclusion in December 2025, but it says MSCI screening and GAAP treatment create a structural barrier to broader index access. The exclusion curtails automatic buying by S&P passive funds until accounting, bitcoin prices, or earnings change.
Strategy is excluded from the S&P 500 due to GAAP Bitcoin losses
Context
Strategy reported a large unrealized Bitcoin loss under GAAP that produced negative net income. The S&P 500 requires positive GAAP earnings for the recent quarter and trailing four quarters. Inclusion could change if accounting rules…
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