AFAIK, to qualify for the S&P500 you need to have operationsa business outside of financial services.

So if your company is only holding bitcoin, without providing any other productsproduct or servicesservice,
you are considered a financial services or investment company which isn't allowed on the list.

You can hold bitcoin on your balance sheet as long as you have a real business outside of investing.
So Microstrategy could qualify because they have a software business outside of bitcoin.
Block definitely qualifies because their main business is payment processing. It has nothing to do with their bitcoin holdings.

AFAIK, to qualify for the S&P500 you need to have operations outside of financial services.

So if your company is only holding bitcoin, without providing other products or services,
you are considered a financial services or investment company which isn't allowed.

You can hold bitcoin on your balance sheet as long as you have a real business outside of investing.
So Microstrategy could qualify because they have a software business outside of bitcoin.