Shares in trading platform Robinhood Markets and Bitcoin treasury firm Strategy fell in after-hours trading on Monday amid a broader market dip after missing out on being included in the S&P 500.

S&P Dow Jones Indices said late Monday that Interactive Brokers Group would join the index tracking the 500 largest US companies at market open on Thursday, replacing the pharmacy chain Walgreens Boots Alliance.

Wall Street has long been expecting Robinhood to join the S&P 500, and MicroStrategy, trading as Strategy, had recently become eligible for inclusion as its market cap was boosted by the rising value of its Bitcoin (BTC) holdings.

Inclusion on the S&P 500 is typically seen as a boon for a company as its shares would be scooped up by passive investors and other funds aiming to track the index.

Robinhood again snubbed from S&P 500

Shares in the crypto and stock trading platform Robinhood (HOOD) ended after-hours trading down 0.5% at $107.40 after closing trading on Monday at a 1.26% loss.

In comparison, Interactive Brokers (IBKR) saw a 3.9% lift in extended trading to $65.21 on the announcement of its inclusion, after gaining less than 0.6% throughout the trading day. The S&P 500 ended trading 0.4% down.

Robinhood shares also dropped in early June after S&P Dow Jones Indices announced there would be no changes to the S&P 500 in its quarterly rebalancing.

Still, the company’s stock has gained almost 190% this year and has continued to break price records, seeing a lift from renewed retail investor enthusiasm.

Strategy also down on S&P miss and Bitcoin drop

Shares in the software firm Strategy (MSTR) also dropped on Monday, ending the day’s session down 4.17% and a further 0.6% in after-hours trading to $341.

Related: Bitcoin futures demand rises even as BTC sells off: What gives? 

The company’s stock fell alongside Bitcoin, which was down 2% in the past day after briefly slipping below $110,000.

S&P 500 inclusion is not just about stock price

A company’s inclusion on the S&P 500 is the decision of a committee guided by a range of criteria.

A company needs to have a market capitalization of at least $22.7 billion, be based in the US and listed on the New York Stock Exchange, the Nasdaq or Cboe.

Its shares must also meet minimum requirements for market liquidity and volume.

Jack Dorsey’s financial services company, Block, Inc., was the latest crypto-tied company to make the index, joining the S&P 500 on July 23.

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