Matthew Sigel, the head of digital assets research at VanEck, recently criticized S&P Global for excluding major crypto companies in the latest update of the S&P 500 index.
Sigel highlighted that despite being strong contenders, prominent crypto firms like Coinbase (COIN), MicroStrategy (MSTR), Robinhood (HOOD), and Block (XYZ) were left out of the index rebalancing by S&P Dow Jones Indices.
S&P Global, well-known for overseeing the S&P 500, has specific criteria for inclusion, such as a market cap of at least $20.5 billion and positive earnings over the last four quarters. Sigel believes that companies like Robinhood should easily meet these requirements and remain profitable.
“SNUBBED! COIN, HOOD, MSTR, and XYZ meet the necessary criteria but were overlooked by S&P. It appears there are additional factors at play beyond just the numbers… Zero tech or financial companies were added, raising suspicions. There seems to be doubt among the committee regarding their long-term profitability,” Sigel commented.
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