S&P Dow Jones Indices has decided not to include Strategy (formerly MicroStrategy) in the S&P 500, despite it fulfilling the size and eligibility requirements. This decision underscores concerns about the risks involved with corporate crypto-treasury models, as most of Strategy’s valuation stems from bitcoin holdings rather than its primary IT operations. Other index providers may reconsider the inclusion of crypto-centric companies following this decision, while Nasdaq now mandates shareholder approval for firms issuing shares to acquire cryptocurrency. The move might influence investment focus towards crypto ... (full story)