$MSTR and the SPX 500 I've spent 36 years following index inclusion/exclusion trades closely. On face MSTR qualifies in all ways to be added to the SPX 500 in September. Will they be added? I have no idea. Here's what the committee is balancing and unlike the NDX-100 discretionary decisions and exceptions are made vs pure rules based decision As mentioned based on strict rules MSTR qualifies. The two places that are a concern are 1) financial viability and 2) organizational structure. 1) based on GAAP earnings MSTR qualifies however for an upgrade from Small Cap 600 to SPX 500. However it only qualifies based on FASB ASU 2023-08 which includes mark to market gains and losses in GAAP earnings. This FASB directive was created specifically by lobbying by BTC treasury company lobbying efforts specifically to result in these companies qualifying for SPX Inclusion. Literally anyone on the planet (except MSTR bulls) understands that mark to market earnings are not earnings in any historic sense. Perhaps the committee will see through this charade. Perhaps not. MSTR does not report Funds From Operations for obvious reasons as they have almost no FFO. The alternative treatment that a no by the committee could come from would be to consider MSTR a REIT and base its exclusion on FFO. They also could delay or decline inclusion based on common sense about ASU-2023-08 2) Organizational structure is mostly water under the bridge but could be used as a reason for exclusion. MSTR was already a member of SPX 600 (even though they were mysteriously kicked out for "reasons") so they were not considered an ETF or CEF when included even though many including myself think they absolutely are. The committee may be silent on this topic (which they can be of course) if they believe that MSTR is an ETF or CEF wrapped in a corporate organizational structure So by rule they probably qualify, but there is absolutely enough hair on the ASU 2023-08 topic and the lack of FFO to give the committee pause and of course the committee knows this company is an ETF/CEF wrapped in a company share but they may stay silent on this if they decide to delay or deny inclusion Inclusion would be very good for MNAV and Saylor would be a fucking idiot if he didn't sell ATM shares on the actual 25-30% of market cap inflows that would happen on the inclusion date. Of course everyone knows all this so 1.6MNAV already reflects all this in some way. I suspect the expectation is for high probability of inclusion by all amateurs and recent MSTR buyers. Not sure if the professionals are set up long or short based on inclusion.