MicroStrategy (NASDAQ: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.
"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 (NYSE:VNQ) and the Vanguard Total Bond Market Index Fund ETF (NASDAQ: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 (NASDAQ:APP), Emcor Group (NYSE:EME), and Robinhood (NASDAQ:HOOD) after its quarterly rebalance, dashing the hopes of several Bitcoin proponents.
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.
"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 (NASDAQ:COIN) was included in May, becoming the first major cryptocurrency stock to be included in the index. Jack Dorsey‘s Block (NYSE:BLK) followed in July. Now, Robinhood is joining the list.
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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