JPMorgan Chase: S&P 500's refusal to include Strategy is a blow to cryptocurrency treasury

Odaily Planet Daily News JPMorgan analysts said the S&P 500 Index Committee refused to include Strategy (formerly MicroStrategy) in the index last week, even though the company technically meets inclusion criteria, which is a blow to the cryptocurrency treasury. The rejection was not only a setback for Strategy, but also a blow to similar companies that have grown rapidly in recent months, JPMorgan analysts pointed out in a report Wednesday. The bank's management director Nikolaos Panigirtzoglou said the index committee has discretion in the stock selection process, and the decision shows caution for companies that convert the balance sheet into large bitcoin holdings. Analysts noted that the S&P 500's exclusion means that the ability of this indirect channel to enter institutional and retail portfolios may be approaching its limit. The greater risk, they added, is that other index providers that have included Strategy or other crypto treasury companies in the index may rethink their approach. (The Block)