According to JPMorgan analysts, the S & P 500 committee recently rejected the inclusion of Strategy (formerly MicroStrategy) in the index, even though it had met the technical criteria, a move that dealt a major blow to the crypto treasury model. The analysis pointed out that the decision reflects a cautious attitude towards companies with bitcoin assets as their financial core, and may prompt other index providers to reassess the inclusion of similar companies.
JPMorgan has warned that Strategy and its peers are facing weakness in share prices and funding channels, with waning investor interest and a marked decline in equity funding. As doubts rise, funds could be diverted to crypto companies with real operations (e.g. exchanges, mining companies) rather than treasury companies that rely on balance sheets to hoard coins.
JPMorgan Chase: S & P 500 Refuses to Enter Strategy Index, Striking Crypto Treasury Firms
2025-09-10 22:06:09
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