Robinhood Set to Join S&P 500 as Bitcoin Giant Strategy Misses Out

Shares of Robinhood soared 7% in after hours trading after the S&P 500 added the crypto-focused fintech to the index.

Robinhood (HOOD) will join the index on September 22, according to CNBC, which reported the decision, along with other outlets. Advertising technology firm AppLovin was also added by the index.

But the index did not add Bitcoin treasury Strategy, disappointing some observers.

The S&P decision underscores the growing might of digital asset-focused companies, which have benefited from the friendlier political and regulatory environment of recent months.

Cryptocurrency exchange Coinbase  began trading on its index on May 19.

This story will be updated.