S&P 500 excludes Strategy, raising concerns for crypto treasuries
JPMorgan stated that the S&P 500 committee’s decision to reject the inclusion of Strategy in the index represents a setback for so-called “crypto treasuries,” meaning listed companies that primarily function as bitcoin funds.
According to analysts, inclusion in major benchmarks such as the Nasdaq 100, MSCI USA, MSCI World, and Russell 2000 has so far been an essential driver for Strategy’s stock, offering indirect exposure to bitcoin for institutional and retail portfolios.
The rejection suggests that this indirect access channel may be reaching its limits, which could lead other index providers to reconsider their stance toward cryptocurrency-focused companies.
Analysts also pointed to signs of increasing “investor fatigue,” citing slower equity issuance, rising risk premiums, and a capital shift toward crypto firms with active operating models, such as exchanges and mining companies.
The S&P 500 decision underlines the cautious stance of traditional institutions toward firms predominantly exposed to bitcoin and may influence how investors perceive their role in the capital markets.
