S&P 500: JPMorgan sees in the rejection of Strategy a reverse for Crypto cash flow

The decision of the S&P 500 index Committee to reject Strategy's candidacy for inclusion has aroused reactions in the financial and crypto sectors. The company seemed to have fulfilled the required conditions, but the committee chose to exclude it. JPMorgan analysts have counted among those expressing concerns, describing this result as a decline for companies using Bitcoin as a central element of their cash.

Robinhood was chosen rather than strategy

Last week, Strategy, the biggest Bitcoin business holder, was excluded from the S&P 500 by the index committee, which preferred to approve Robinhood instead. For many observers, this choice was an unexpected surprise.

JPMorgan analysts, led by the director general Nikolaos Panigirtzoglou, said that the decision constitutes a decline not only for Strategy, but also for other companies having Recently adopted similar models of Crypto cash.

They explained that, although the eligibility criteria have been formally met, the committee authority remains discretionary. The decision, they added, underlines mistrust with regard to companies whose assessments and operations are closely linked to cryptocurrencies.

Saylor remains patient while analysts warn wider risks

Michael Saylor, executive president of Strategy, said in an interview with CNBC that the company did not expect immediate acceptance. He explained that inclusion in the index could occur in the future, but not immediately.

The company has already noted the advantages of recognition in the indices. Its actions increased after their inclusion in the NASDAQ 100, MSCI USA, MSCI World, and the Russell 2000. These registrations created a regular request coming from funds according to these references, providing indirect exposure to bitcoin for investors. However, the rejection of the S&P signals limits to this channel. Without recognition, the expansion towards the widest range of wallets could stop.

JPMorgan analysts warned that this could have cascade impact. Other providers of signs could review the decision to keep strategy and Crypto cash companies comparable in their reference indices. Such action could increase the pressure on the action of strategy and weaken the strategy of using registrations in the indices to obtain a wider exposure to bitcoin.

In addition, more obstacles are starting to weigh on companies that retain significant amounts of bitcoin in their reserves.

• It is said that the NASDAQ has introduced a rule requiring that companies with large Crypto reservations obtain the approval of shareholders before issuing new actions, making more difficult for companies like Strategy to raise capital to buy more bitcoin.
• Companies according to the “Crypto Treasury” model are facing growing skepticism, investors increasingly seeing this approach as overloaded and underperforming.
• JPMorgan analysts noted signs of fatigue, pointing to a lower performance of the shares and a clear slowdown in equity funds. They added that although the debt show continues, it is done at higher costs.

Strategy increases its Bitcoin assets

Despite these setbacks, Strategy continues to add to his Bitcoin assets. On September 8, the company announced a purchase of 1,955 BTC worth around $ 217.4 million, paying an average price of $ 111,196 per room. It also brought in a cumulative annual return of 25.8 % in 2025.

The acquisition brought its total to 638,460 BTC, purchased for around $ 47.17 billion at an average cost of $ 73,880 per room. In addition, in a separate update on X, the company noted that its cash flows fifth in size compared to companies already present in the S&P 500.