S&P Global “Snubbed” Coinbase (COIN), MicroStrategy (MSTR), Robinhood (HOOD) and Block (XYZ)

VanEck head of digital assets research Matthew Sigel says that S&P Global “snubbed” crypto companies in its latest update of the S&P 500 index.

The head of digital assets research at VanEck is dumbfounded by a recent update from S&P Global (NYSE:SPG). In a post on X, Matthew Sigel expressed surprise that despite crypto companies seemingly meeting the criteria, they were snubbed in the latest additions to the S&P 500 index.

"S&P snubbed crypto companies in their latest index additions," Sigel claimed. "The biggest names in crypto—Coinbase (NASDAQ:COIN), MicroStrategy (NASDAQ:MSTR), Robinhood (NASDAQ:HOOD), and Block (NYSE:XYZ)—were noticeably absent from the announcement of additions and deletions to various indices."

Sigel further explained that while several companies hit the quantitative marks for inclusion, the S&P Dow Jones Indices (S&P DJI) committee ultimately decided against it, perhaps due to concerns about the sustainability of their business models.

"The committee members expressed lots of doubt that they would remain profitable, especially the tech and financial companies. But still seems conspiratorial."

S&P Global is best known for maintaining the S&P 500 through its S&P Dow Jones Indices division, which is responsible for rebalancing the index every quarter. The criteria for the index include a market cap of at least $20.5 billion, positive earnings for the last four quarters, the issuance of common shares and more.

According to Sigel, these companies met the criteria and should have been included in the updated indices. He also noted that, for example, Robinhood would remain profitable "under most any circumstance."