The crazy part of the MSTR snub is that they added 2 companies with lower market caps. To me that signals not a lot of faith in Bitcoin. Saylor now finds himself in a spot where he is going to have to pump the price higher between now and December by any means or else it is definitely game over for this cycle.
I think when the S&P 500 committee does its quarterly rebalances (in December 2025 and March 2026) MSTR will be added then, if not even sooner - because the S&P 500 committee can add or remove companies literally at any time. I suspect some of the committee members are keen to correct today's snub.