MICROSTRATEGDRN forum
Relying on gains on BTC will likely not be seen as a viable, repeatable business model. The S&P 500 committee prefers to see sustained, operational profitability — earnings from selling goods or services. For MSTR, this would come from its enterprise software business, not speculative treasury asset swings.
Plus given Saylor's past history of lying about MSTR earnings and lying about where he lives to avoid personal taxes, I doubt the S&P will ever include MSTR as long as Saylor is running the company. The S&P has a long history of shunning people like Michael Saylor, and for good reason.