Bitcoin Faithful Bet on Saylor’s Strategy Being Added to S&P 500

Michael Saylor’s Bitcoin empire is emerging as a new contender for Wall Street’s most exclusive club.

Strategy Inc., the enterprise software firm Saylor famously turned into a Bitcoin vault, has surfaced as a potential S&P 500 entrant, a scenario that seemed far-fetched just a year ago. A $14 billion unrealized gain last quarter delivered the profitability required for index eligibility, at least in theory, under current rules.

It may be a long shot for now, but the implications of Strategy’s inclusion in the behemoth index one day are sweeping.

If admitted, passive funds tracking ...