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This Week In Crypto
11 Sep 2025

Accelerating tokenization momentum

Strategy missed S&P 500 inclusion. CBOE aims to launch continuous crypto futures. Nasdaq backs Gemini pre-IPO, whereas Figure marked yet another massive crypto IPO. In trending topics, we cover the accelerated tokenization momentum.
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Strategy not included in the S&P 500
Strategy was notably excluded from the S&P 500 index during the latest quarterly rebalancing. Despite boasting a market capitalization exceeding $94 billion and meeting the standard eligibility criteria, it was passed over in favor of companies like AppLovin and Robinhood. This has drawn comparisons to previous high-profile exclusions, such as Tesla in 2020 and Facebook in 2012, which were initially overlooked due to concerns about volatility and governance. The key reason for Strategy’s omission appears to lie in its heavy bitcoin exposure. Analysts suggest the S&P index committee exercised discretion due to the company’s unconventional earnings profile, which is significantly influenced by the volatile mark-to-market swings of its bitcoin holdings. As JPMorgan noted, this effectively makes Strategy function like a bitcoin fund—raising concerns among index stewards about embedding such volatility into a mainstream benchmark. The committee’s hesitancy may reflect broader caution toward crypto-centric corporate models, even as other index providers (e.g., Nasdaq, MSCI) have embraced them.
CBOE aiming to launch continuous crypto futures
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