JPMorgan Chase: S&P 500 index strategy is a warning sign for corporate Bitcoin Treasury bonds
Source: CoinWorld
Time: 2025-09-11 20:09:02
Despite eligibility, MicroStrategy's application to join the S&P 500 has been denied, indicating an increasing caution with companies acting as de facto Bitcoin funds. JPMorgan analysts noted that the decision could limit Bitcoin’s indirect inclusion in major indexes and prompt other providers to rethink companies holding large amounts of cryptocurrencies. As corporate cryptocurrency Treasury bonds face risks of weakening stock prices and slowing financing, Nasdaq now requires shareholder approval when issuing shares to purchase cryptocurrencies. The sustainability of the Bitcoin Treasury model is questioned, and investors may prefer cryptocurrency companies with operations rather than purely held companies.