Michael Saylor Mocks S&P 500 Returns After MicroStrategy Snub

MicroStrategy MSTR Executive Chair Michael Saylor has taken a dig at the S&P 500’s returns by comparing the index’s annualized return since 2020 to that of his firm.

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“Thinking about the S&P right now,” Saylor said over the weekend on X. He shared a chart comparing MicroStrategy’s annualized returns since adopting a Bitcoin treasury strategy to those of BTC, the S&P 500, the Vanguard Real Estate Index Fund ETF VNQ and the Vanguard Total Bond Market Index Fund ETF BND. The chart showed MicroStrategy delivered the highest returns at 92%, followed by Bitcoin at 55%, the S&P 500 at 14%, VNQ at 2% and BND at negative 4%.

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Saylor’s post came after MicroStrategy missed out on S&P 500 inclusion last week, despite meeting all the qualifying criteria. S&P instead added AppLovin APP, Emcor Group EME, and Robinhood HOOD after its quarterly rebalance, dashing the hopes of several Bitcoin proponents.

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MicroStrategy is the largest corporate holder of Bitcoin with over 638,000 BTC worth nearly $72 billion. Inclusion in the index would have represented a significant milestone not only for MicroStrategy but also for Bitcoin, as it would have given millions of average investors indirect exposure to the leading digital asset.

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“I don’t think there’s a bias,” Saylor told CNBC on Monday when asked whether he felt that S&P was biased against cryptocurrencies. “I don’t think we expected to be selected on our first quarter of eligibility. We figure it will happen at some time. There’s a digital transformation in the markets. This is a brand new, novel concept. Every quarter we make new believers. We get more support from banks, from politicians, from credit rating agencies, etc. I think that will continue for the foreseeable future.”

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While MicroStrategy would have been the first digital asset treasury firm to join the S&P 500, the index already included two cryptocurrency-linked firms. Coinbase COIN was included in May, becoming the first major cryptocurrency stock to be included in the index. Jack Dorsey‘s Block BLK followed in July. Now, Robinhood is joining the list.

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MicroStrategy appears to be continuing business as usual despite the S&P 500 snub. On Monday, the firm announced that it had purchased 1,955 BTC for over $217 million at an average price of about $111,000. The company said the recent purchase was funded with at-the-market offerings of its Class A common stock, its Series A perpetual strike preferred stock and its Series A perpetual strife preferred stock.

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