JPMorgan Chase has highlighted market caution after Strategy (MSTR) was denied entry into the S&P 500 index despite meeting technical criteria. The rejection signals a growing wariness towards companies that act as Bitcoin funds, impacting those with similar strategies of holding Bitcoin reserves. While Strategy is included in indices like Nasdaq 100 and MSCI, the S&P 500's decision may prompt other index providers to reconsider Bitcoin-heavy companies. JPMorgan noted that Nasdaq's requirement for shareholder approval before issuing new shares for cryptocurrency purchases adds pressure. Strategy's willingness to issue shares at low price-to-earnings ratios to buy cryptocurrencies raises concerns about the sustainability of such models. With weak stock prices and declining investor interest, the viability of corporate crypto reserves is under scrutiny, potentially favoring companies with tangible operating businesses.