Overview
- Strategy was left out of the S&P 500 despite meeting technical criteria, with the index committee using its discretion to deny inclusion.
- JPMorgan said the move is a blow to corporate crypto treasuries and warned other index providers could rethink existing inclusions.
- Nasdaq has reportedly begun requiring shareholder approval before companies issue new shares to buy digital assets, tightening a key funding path.
- Strategy recently dropped a no-dilution pledge as analysts note slowing equity and debt issuance and rising risk premiums for the sector.
- The company remains a major benchmark constituent elsewhere and is the largest public bitcoin holder, with data citing about 638,460 BTC against roughly 1,006,592 BTC held by public firms overall.