A development on September 11, 2025, has sent ripples through the cryptocurrency market, particularly among companies that hold digital assets on their balance sheets.
JPMorgan analysts reported that the S&P 500 has rejected the inclusion of the company formerly known as MicroStrategy in its prestigious index. This decision comes after the company, a pioneer in the corporate Bitcoin treasury model, renamed itself to “Strategy”, as reported.
This rejection is not just a minor corporate event; it carries profound implications for the entire crypto industry. The S&P 500’s decision signals that there may be a limit to how much cryptocurrency will enter investor portfolios “through the back door” by way of a company’s stock.
Michael Saylor’s company, now known as Strategy, has built a business model around acquiring and holding a massive amount of Bitcoin, which has made its stock a popular proxy for Bitcoin exposure in the traditional finance world.
The S&P 500’s refusal to include it casts doubt on the long-term sustainability and legitimacy of this model, suggesting that such companies may not be considered by major indexes. This could reduce the appeal for other companies to follow a similar strategy, especially those seeking to attract mainstream institutional investment.
Despite this setback, the trend of corporate crypto treasuries is still alive and well, albeit with a focus on a broader range of assets. Several other publicly traded companies are following a similar playbook, but are targeting altcoins rather than just Bitcoin.
Companies like Eightco Holdings and CaliberCos have seen wild spikes in their stock prices after announcing plans to acquire crypto for their balance sheets. A key indicator of this trend is the recent decline in Bitcoin dominance, which measures Bitcoin’s market capitalization as a percentage of the total crypto market. This metric has fallen significantly, while the market share of Ethereum and other altcoins has been on the rise.
Some companies are making a direct play to become “ether treasuries,” aiming to acquire a substantial portion of Ethereum’s supply. This shift reflects a maturing market where companies are diversifying their crypto holdings and looking for opportunities beyond just Bitcoin.
While the S&P 500’s rejection of Strategy could cool the frenzy for Bitcoin-centric corporate treasuries, it seems to be accelerating a new phase of adoption focused on a wider variety of digital assets. The market is evolving, and companies are finding new ways to integrate crypto into their business models, even as traditional gatekeepers like the S&P 500 remain cautious.
