The world's largest Bitcoin treasury company may join the S&P 500, marking a milestone for Bitcoin in mainstream finance.

On August 15, asset management company Strive published a market commentary regarding a certain company, stating that as the world's largest Bitcoin treasury company, it is just one step away from joining the S&P 500 Index. If this milestone is achieved, it will fundamentally solidify Bitcoin's position in American financial life. The company's market capitalization exceeds $100 billion, already surpassing the market capitalization threshold of the S&P 500. However, the inclusion criteria for the S&P 500 are not limited to market capitalization; it also requires the company to be registered in the United States, listed on major exchanges, and to have achieved profitability in the past quarter and year. The last profitability requirement has always been an obstacle for this company.

Recently, the company announced its second-quarter financial report, and its profitability over the past 12 months has cleared the final obstacle, making it likely to be included in the S&P 500 as early as September. However, the company’s inclusion is not a foregone conclusion. In 2020, the S&P 500 rejected Tesla and chose the much smaller Etsy; the regulators did not provide a clear reason, but market analysts pointed out that Tesla's volatility might be one concern, which poses the same dilemma for this company. Its five-year beta coefficient is 3.86, making it the most unstable company in the S&P 500, nearly twice Tesla's volatility.

Regardless of whether the company can be included in the S&P 500 in September, one thing is clear: the leap of Bitcoin from a currency experiment to a blue-chip asset has already begun.