JPMorgan stated that the S&P 500's rejection of Strategy is a 'blow to the cryptocurrency treasury'.

Last week, the S&P 500 index committee rejected the previous Strategy ( which is MicroStrategy) from the index, even though the company met the criteria. JPMorgan noted this as a "blow" to businesses holding Bitcoin in their treasury. This decision reflects caution towards companies turning their balance sheets into cryptocurrency reserves, although previously participating in indices such as Nasdaq 100, MSCI, or Russell 2000 had greatly benefited the Strategy's stock.

According to JPMorgan, the risk is that other index providers may consider removing similar companies. Additionally, Nasdaq has required businesses that hold a lot of crypto to get shareholder approval before issuing more shares. In the context of increasingly cautious investors, the stocks and fundraising activities of this group are weakening, forcing some companies to test more complex models. However, the flow of capital may shift towards exchanges and miners instead of the "Bitcoin treasury."