Robinhood’s shares increased 7% in negotiation at time on Friday after the retail broker was appointed for the S&P 500.
Key control:
- Robinhood’s actions increased by 7% after being added to S&P 500, joining the index on September 22.
- The strategy, despite an assessment of $ 95b and $ 70b in Bitcoin Holdings, was out of reorganization.
- Robinhood registered strong profits from the second quarter, with $ 989 million in revenues and $ 386 million in earnings.
Robinhood (Hood) closed just above $ 101 and shot beyond $ 108 in extended operations after the ad.
The price of the company’s shares has increased more than 150% in the year due to date, promoted by strong profits and a growing retail interest in actions and cryptography.
Robinhood to join S&P 500 on September 22
Robinhood will officially join the index on September 22, together with the Ad-Tech Applovin firm, according to the S&P Dow Jones indices.
Although Robinhood celebrates its inclusion, the strategy, the Bitcoin Treasury firm previously known as Microstrategy, was out of the list, despite meeting the market capitalization requirement of $ 20 billion S&P.
The strategy, which now has more than $ 70 billion in Bitcoin, saw that its shares fell 3% in trade after the ad.
The omission surprised some observers, given the valuation of the $ 95 billion strategy and their pioneering role in bringing Bitcoin to public balances.
Based on Tysons Corner, Virginia, the company has become synonym for adoption of corporate cryptography.
The reorganization of S&P occurs in the midst of the growing institutional interest in digital assets and a more favorable political environment.
Earlier this year, Coinbase was added to the S&P index, indicating a growing recognition of crypto-national companies in traditional financial markets.
The strong foundations of Robinhood foured his rally. In the second quarter, the company registered $ 989 million in revenue, 45% more year after year, exceeding Wall Street estimates.
The net income reached $ 386 million, with earnings per share of $ 0.42, well above the analysts’ forecasts.
Cryptographic negotiation revenues reached $ 160 million, almost doubling year after year, but below the $ 252 million in the previous quarter.
Meanwhile, the revenues of the option of options and the shares reached $ 265 million and $ 66 million, respectively, which makes the most important income flow options of Robinhood once again.
Robinhood demands Nevada, regulators of New Jersey on event contracts
Last month, Robinhood derivatives took legal actions against regulators in Nevada and New Jersey, accusing states of unfairly blocking their entry into the sports event contract market, despite the recent decisions of the Federal Court in favor of the Kalshi rival platform.
The firm said that it began to offer event contracts in both states after federal judges ruled earlier this year that Nevada and New Jersey games could not enforce their prohibitions against Kalshi, which offers contracts regulated by the Trade Commission of Basic Futures of the United States (CFTC).
Robinhood argued that regulators have ignored those decisions and continued threatening the application action, creating an unequal playing field.
“If state regulators are allowed to act against Robinhood but not Kalshi, then Robinhood will lose in the space of sporting event contracts,” the company said in its presentations.
Meanwhile, Robinhood has been under regulatory fire in the EU after launching products of tokenized shares linked to private companies such as Openai and Spacex.
The Lithuania Bank confirmed that it is investigating the legality and revelations of investors related to these “shares” tokens “Blockchain, which was launched on June 30.
Operai publicly rejected any connection, stating that he never approved the tokens and warned investors to be cautious.
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