The largest institutional Bitcoin (BTC) whale, Strategy (formerly MicroStrategy), has once again been rejected from being included in the S&P 500. According to the US-based news platform Morningstar, Strategy was rejected again for not meeting the requirements to join the S&P 500. The S&P Dow Jones Indices Committee announced that Strategy failed to meet the requirements for inclusion in the S&P 500 and its application was rejected again. The committee reported that Bitcoin volatility, which is directly reflected in company performance, is considered the biggest risk for Strategy, which holds 648,008 Bitcoins worth approximately $72.3 billion and is the world’s largest “Bitcoin treasury company.” The committee also stated in its decision that the company failed to meet the four consecutive quarters of profit requirement required for inclusion in the S&P 500. In return, Sandisk, which has risen by nearly 400% in the last three months, will be included in the index instead of Strategy. The committee’s decision thwarted the previous expectations of crypto market analysis firm 10x Research, which estimated that Strategy’s likelihood of inclusion was more than 70%. Bloomberg ETF analyst James Seyffart had also viewed the company as a possible candidate for inclusion this year. Apart from these, Robinhood, which is considered as another important candidate along with Strategy, was added to the index in September. There are currently three cryptocurrency companies included in the S&P 500: Coinbase, Block, and Robinhood. *This is not investment advice. Continue Reading: Bad News for Bitcoin (BTC) Bull Michael Saylor! He's Rejected Again!
