[JPMorgan: S&P 500 Rejects Strategy Inclusion, Dealing a Blow to Crypto Treasury Companies] According to a report by Golden Finance, JPMorgan analysts stated that the S&P 500 committee recently rejected the inclusion of Strategy (formerly MicroStrategy) in the index, despite it meeting technical criteria. This move represents a significant blow to the crypto treasury model. Analysts pointed out that the decision reflects a cautious attitude toward companies that use Bitcoin assets as a financial core and may prompt other index providers to reassess the inclusion of similar companies. JPMorgan warned that the stock prices and financing channels of Strategy and similar companies are facing weakness, with declining investor interest and a noticeable drop in equity financing. As skepticism grows, capital may shift toward crypto companies with actual business operations (such as exchanges and mining firms) rather than treasury companies that rely on hoarding coins on their balance sheets.