The shares of Robinhood (Hood) shot 7% in negotiations after closing, after retail broker, which is strongly aimed at cryptocurrencies, was added to the S&P 500 index.
Hood exceeded $ 108 per share after closing on Friday a little more than $ 101, according to Yahoo Finance. The share price of the company already accumulates more than 150% in the year.
Robinhood will participate in the index on September 22, according to a statement by S&P Dow Jones Indices. Applovin Advertising Technology Company has also been added. S&P Dow Jones is always supported by S&P 500 on the first Friday of the last month of the third quarter in September.
But the S&P 500 does not include the Treasury Company of Bitcoin Strategy that some observers have disappointed. The market value of US $ 95 billion was sufficient to meet the criterion of the index recording. To integrate S&P, companies must have head office in the United States and have a market value of more than $ 20 billion.
The actions of the strategy, based on Tysons Corner, Virginia, and previously known as micro strategy, almost 3% fell into negotiations after closing. The company has more than $ 70 billion in Bitcoin and pioneered the screening strategy in digital assets that many other companies have taken over.
The decision of S&P emphasizes the growing power of companies aimed at digital assets, which have benefited from the most favorable political and regulatory environment in recent months. In this scenario, the importance of institutional investors in cryptocurrencies has increased, increasing strong highlights on the price of Bitcoin, Ethereum and other leading assets, as well as important contributions to stock exchanges (ETFs) based on crypto.
The Cryptocurrency Exchange Coinbase joined the S&P index on 19 May.
In the second quarter, Robinhood then expected, where the projections of analysts surpassed, despite the delay in income with negotiations on cryptocurrency.
The retail maker signed $ 989 million in total turnover, an increase of 45% compared to the previous year and above the expectation of US $ 913 million, according to data from the market screen.
With profit per share of US $ 0.42, Robinhood reported $ 386 million in profit in the second quarter, an increase of $ 50 million compared to the previous year and above the estimate of $ 276.6 million from analysts.
Robinhood reported that it generated $ 160 million in income with cryptocurrency negotiation during the second quarter, an increase of 98% compared to the previous year.
However, the value fell compared to the previous quarter, when it had reached $ 252 million in the midst of the headlines dominated by the trade war of US President Donald Trump.
At the same time, income on the basis of options and share transactions increased in the quarterly comparison, with US $ 265 million and US $ 66 million respectively.
After negotiating the cryptocurrency action at the end of last year – which was $ 672 million in the fourth quarter – the options with options were again the most important source of Robinhood profit.
* Translated and edited With authorization of Decrypt.
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The Robinhood Post arrives S&P 500, while the Bitcoin strategy giant is left for the first time on the Bitcoin portal.
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