📅 September 8 | United States
A controversy is rocking Wall Street: Strategy, the company that has made its Bitcoin treasury the center of its business model, was not included in the S&P 500 index despite meeting size and capitalization criteria. The rejection sparked accusations of “anti-Bitcoin bias”, especially since other companies with equally disruptive profiles, such as Tesla at the time or even Facebook during its growth phases, were also initially excluded from the select stock market group.
📖 The S&P 500, considered the most influential gauge of the US economy, evaluates companies not only by their market capitalization, but also by factors such as liquidity, profitability, and “business model stability.” Strategy, with a market value far exceeding several companies included in the index, seemed ready to enter. However, the committee decided to exclude it, citing “associated risks” with its extreme exposure to Bitcoin.
The company, known for holding hundreds of thousands of BTC on its balance sheet, has become a symbol of the institutionalization of cryptocurrencies. Its defenders argue that the rejection reflects a structural bias: “When a company bets on innovation, it is punished. If it bet on Treasury bonds, they would have accepted it without hesitation,” said an analyst close to the firm.
The case is reminiscent of historical episodes. Tesla, for example, was left out of the index in its early years despite meeting market capitalization metrics, on the grounds that its business was too volatile. Facebook also faced initial hurdles before establishing itself as an undisputed tech giant.
Critics of the S&P 500 committee point out that the decision could send the wrong message to the markets: financial innovation is still seen as a threat rather than an opportunity. However, other analysts believe the move is a sign of prudence: "A company whose balance sheet depends on the ups and downs of an asset as volatile as Bitcoin could jeopardize the stability of the index as a whole," said a Morgan Stanley strategist.
Meanwhile, Strategy's shares remained relatively stable, showing that retail and some institutional investors remain confident in the company's investment. However, exclusion from the S&P 500 means that trillion-dollar index funds will not be required to buy the firm's shares, limiting their potential for massive capital inflows.
Topic Opinion:
Strategy's exclusion reflects more fear than rationality. The financial market still doesn't know how to digest companies whose hearts beat to the rhythm of Bitcoin. But history teaches us that pioneers, like Tesla or Facebook, always faced initial resistance before being accepted. Strategy doesn't need the S&P 500 to validate its model: its numbers speak for themselves, and time will tell if betting on Bitcoin is truly riskier than relying on sovereign debt in a world of uncertain rates.
💬 Do you think Strategy's exclusion from the S&P 500 is a bias against Bitcoin or a measure of prudence?
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