最新报道：According to JPMorgan analysts, the S&P 500 Index Committee's decision last week to reject Strategy (formerly MicroStrategy) from the index, despite the company technically meeting eligibility criteria, is a blow to crypto-treasuries. JPMorgan analysts, led by Managing Director Nikolaos Panigirtzoglou, said in a Wednesday report that the rejection is a setback not only for Strategy, the largest public cryptocurrency finance company, but also for similar firms that have emerged in recent months. The analysts said the index committee has discretion in the selection process, and this decision suggests a cautious approach to including companies whose balance sheets have transformed into significant Bitcoin holdings. Index membership has been a key driver for Strategy's stock, allowing Bitcoin exposure to penetrate major benchmarks such as the Nasdaq 100, MSCI USA, MSCI World, and Russell 2000. Analysts wrote that the S&P 500 exclusion suggests this indirect channel into institutional and retail portfolios "may be reaching its limits." They added that a greater risk is that other index providers that have included Strategy or other crypto finance companies may reconsider their approach. The S&P 500 rejection comes as other headwinds are accumulating. Nasdaq has begun requiring companies with significant cryptocurrency holdings to obtain shareholder approval before issuing new shares to raise funds for further purchases. Strategy, which had previously pledged not to issue shares at a price-to-earnings ratio below 2.5, quickly abandoned that pledge last month. Crypto fund managers have come under pressure as investors grow wary of crowded trades and weak performance. Analysts say both stock prices and fundraising activity are showing clear signs of fatigue, with equity issuance slowing sharply in recent quarters. Debt issuance continues, but risk premiums are rising. Some corporate finance departments are experimenting with more complex financing structures, including Bitcoin-backed loans, token-linked convertible bonds, and structured payouts, to expand the model. But analysts warn that skepticism is growing and capital may shift toward cryptocurrency companies with operational businesses, such as exchanges and miners, rather than finance firms driven by balance sheets.