JPMorgan warns S&P 500’s rejection is a ‘blow’ to crypto treasuries

JPMorgan analysts say the S&P 500’s rejection of Strategy (formerly MicroStrategy) despite the firm meeting technical requirements is not just a missed milestone. It’s a warning shot to the entire sector of companies that have converted their balance sheets into massive Bitcoin bets. In a report published on Sept. 10, analysts led by Nikolaos Panigirtzoglou described the committee’s decision as a “blow to crypto treasuries.” The index committee holds discretion in its selections, and the rejection signal ...