PANews reported on September 11th that, according to CoinDesk, despite meeting the technical eligibility criteria, Strategy (MSTR)'s application to join the S&P 500 index was rejected. JPMorgan Chase believes this indicates the market's growing caution toward companies acting as Bitcoin funds. The decision not only frustrated Strategy, but also dealt a blow to companies that have followed its model of accumulating Bitcoin on their balance sheets. JPMorgan Chase pointed out that the inclusion of Strategy in other major benchmark indices, such as the Nasdaq 100 and MSCI, has quietly opened a backdoor for Bitcoin to enter retail and institutional portfolios, but the S&P 500's decision may mark the limit of this trend and may prompt other index providers to reconsider the inclusion of existing Bitcoin-weighted companies.

JPMorgan Chase noted that Nasdaq's requirement for shareholder approval before issuing new shares to purchase cryptocurrencies has exacerbated pressure. Strategy has abandoned its commitment to non-dilution and is willing to issue shares at low price-to-earnings ratios to purchase cryptocurrencies. Currently, corporate crypto reserves are facing weak stock prices, slowing issuance, and waning investor interest, raising questions about the sustainability of their models. Investors and index providers may favor crypto companies with actual operating businesses.