Strategy’s (MSTR) bid to join the S&P 500 index was rejected, despite meeting technical eligibility criteria, in what JPMorgan (JPM) calls a sign of growing caution toward companies that function as de facto bitcoin (BTC) funds.

The index committee’s discretionary decision is a setback not only for Strategy but for the growing number of corporate crypto treasuries emulating its strategy of using balance sheets to accumulate bitcoin, analysts led by Nikolaos Panigirtzoglou wrote.

Strategy’s inclusion in other major benchmarks, from the Nasdaq 100 to MSCI indices, has quietly given bitcoin a backdoor into retail and institutional portfolios, the analysts wrote in the Wednesday report.

The Wall Street bank warned that the S&P 500 decision could mark the limit of that trend, and may prompt other index providers to rethink existing inclusions of bitcoin-heavy companies.

Adding to the pressure, Nasdaq has reportedly begun requiring shareholder approval before companies can issue new stock to buy crypto, the report said.

Strategy itself recently abandoned its no-dilution pledge, signaling a willingness to issue shares at lower multiples to continue funding bitcoin purchases.

The news comes as corporate crypto treasuries face weakening share prices and slowing issuance. JPMorgan notes that both equity and debt fundraising volumes declined last quarter, suggesting investor appetite is waning.

This fatigue raises questions about the sustainability of the corporate bitcoin-treasury model. While some firms have turned to more complex financing. from bitcoin-backed loans to token-linked convertibles, the rising risk premium could push investors and index providers to favor crypto companies with operating businesses, like exchanges and miners, over pure bitcoin-holding vehicles, the report added.

Read more: Michael Saylor’s Strategy Snubbed by S&P 500 Amid Robinhood's Surprise Inclusion

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