In brief
- Robinhood was added to the S&P 500
- Publicly traded digital asset-focused firms have benefited from the friendlier regulatory and political environment of recent months.
- The S&P 500 added crypto exchange Coinbase to the index in May.
Shares of Robinhood soared 7% in after hours trading after the retail brokerage, which focuses heavily on digital assets, was added to the S&P 500.
Robinhood (HOOD) soared past $108 per share after closing Friday a little above $101, according to Yahoo Finance. The company’s share price has soared more than 150% year-to-date.
HOOD will join the index on September 22, according to a press release from S&P Dow Jones Indices. Advertising technology firm AppLovin was also added by the index. S&P Dow Jones reshuffles the index on the first Friday of the last month of the third quarter, which ends in September.
But the S&P 500 will not include Bitcoin treasury firm Strategy, disappointing some…
