JPMorgan’s recent analysis frames the MicroStrategy S&P 500 rejection as a signal that index committees are increasingly wary of firms that effectively operate as Bitcoin funds. The report highlights that, despite prior inclusion in benchmarks such as the Nasdaq 100 and MSCI indices, the S&P decision could temper broader adoption of Bitcoin on corporate balance sheets. Regulatory and governance shifts — including Nasdaq’s reported push for shareholder approval for equity-based crypto purchases — and MicroStrategy’s abandonment of a non-dilutive offering underscore funding constraints. JPMorgan also documents declines in both equity and debt financing and slower issuance last quarter, suggesting investor fatigue with the corporate Bitcoin accumulation model and a potential reallocation toward crypto firms with operating businesses rather than pure balance-sheet holders.