Robinhood goes up to S&P 500 if Bitcoin Giant strategy fog

Shares of Robinhood rose 7% in after hours of action after retail maker, which focuses strongly on digital assets, was added to the S&P 500.

Robinhood (hood) rose past $ 108 per share after closing on Friday slightly above $ 101, according to Yahoo Finance. The company’s share price has risen more than 150% to date.

Hood will participate in the index on 22 September, according to a press release from S&P Dow Jones Indices. Advertising technology company Applovin has also been added by the index. S&P Dow Jones rearranges the index on the first Friday of the last month of the third quarter, which ends in September.

But the S&P 500 does not include a strategy for Bitcoin Treasury Firm, which disappoints some observers. The market capitalization of $ 95 billion of Strategy was large enough to meet the threshold of the S&P for admission. S&P listed companies must be in the US and have market values ​​of more than $ 20 billion.

Tysons Corner shares, the Virginia -based strategy, formerly MicroSstratey, fell nearly 3% in the market after the market. Strategy has more than $ 70 billion in Bitcoin and pioneered the digital assets Treasury strategy that many other companies have adopted since then.

The S&P decision underlines the growing power of digital companies focused on assets, which have benefited from the friendlier political and regulatory environment of recent months. In the midst of this shift, the interest of the institutional investors in cryptocurrencies have increased, stimulating large price gains under Bitcoin, Ethereum and other leading assets and massive incoming to crypto-based stock market-based funds.

Cryptocurrency Exchange Coinbase began to act on the S&P index on 19 May.

In the second quarter, Robinhood achieved a stronger than expected performance, which exceeds the expectations of analysts, despite a cooldown in income from crypto-trade.

The retail maker pottery achieved $ 989 million in total turnover, an increase of 45% compared to a year ago and beating the expectations of analysts of $ 913 million, according to data from the market scale.

With a profit per share of $ 0.42, Robinhood reported $ 386 million in profit on the second quarter, an increase of $ 50 million on an annual basis and beating analyst expectations of $ 276.6 million.

Robinhood said that during the second quarter it generated $ 160 million in crypto -trade income, an increase of 98% compared to a year ago. However, the figure fell a quarter-over quartal of $ 252 million because the trade war of US President Donald Trump dominated the headlines.

At the same time, transactions-based income for options and shares increased quarterly over-quartaal, rose to $ 265 million and $ 66 million respectively. After the trade in the crypto had come for Robinhood at the end of last year, a total of $ 672 million in Q4, the income based on options again became the most important money maker of Robinhood.