For me, the fact that companies like Coinbase simply end up in the S&P 500 (or $MSTR in the NASDAQ) is precisely the reason why I have less and less confidence in the major indices such as the S&P500, NASDAQ or MSCI World. Sure, the percentage is small - but I still think it's wrong. For me, crypto is not an investment, but pure gambling: based on nothing real, just hype and fraud.
We're sitting in a room full of gasoline (read: overvaluation), and there are people with torches in the corner - so you shouldn't be surprised if the spark lights everything up at some point.
I don't mind paying a P/E ratio of 30 or 35 for real quality - but I wish there was an MSCI World without crypto stuff and meme stocks. It doesn't really exist, but I've built something that at least goes in that direction.
https://www.reuters.com/business/coinbase-shares-jump-addition-sp-500-index-2025-05-13/