Strategy (Mstr) The offer to join the S&P 500 index was rejected, despite complying with the technical eligibility criteria, in which JPMorgan (JPM) Call a sign of growing caution towards companies that function as de facto bitcoin funds.
The discreet decision of the Index Committee is a setback not only for the strategy, but also for the growing number of corporate cryptographic treasures that emulate their strategy of using balances to accumulate Bitcoin, they wrote analysts led by Nikolaos Panigirtzoglou.
The inclusion of the strategy in other important points of reference, from the Nasdaq 100 to the MSCI indexes, has silently given Bitcoin a rear door in retail and institutional portfolios, the analysts wrote in the Wednesday report.
The Wall Street bank warned that the S&P 500 decision could mark the limit of that trend, and can incite other indices to rethink the existing inclusions of Bitcoin’s heavy companies.
In addition to the pressure, Nasdaq has begun to require the approval of the shareholders before companies can issue new actions to buy cryptography, according to the report.
The strategy itself recently abandoned its commitment to synered, indicating the will to issue actions in lower multiples to continue financing Bitcoin’s purchases.
The news occurs as corporate cryptographic treasures face the prices of weakening actions and the deceleration of the broadcast. JPMorgan points out that the volumes of collection of capital funds and debt decreased the last quarter, suggesting that the appetite of investors is decreasing.
This fatigue raises questions about the sustainability of the Bitcoin-Treasury corporate model. While some companies have resorted to more complex financing. From loans backed by Bitcoin to convertibles linked to tokens, the growing risk premium could push investors and index suppliers to favor cryptographic companies with operational businesses, such as exchanges and miners, on Bitcoins pure vehicles, the report added.
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