Strategy and Bitcoin Community Unite to Boycott JP Morgan Over Crypto Backlash
Bitcoin fans rage at Wall Street giant amid threat to Strategy and BTC-linked stocks
The conflict between JP Morgan and the Bitcoin community is intensifying as calls to boycott the banking giant spread across social media. The backlash was triggered after news that MSCI, a major global index provider, plans to exclude crypto treasury companies from its indexes starting January 2026.
JP Morgan circulated the MSCI update in a research note, drawing immediate anger from Bitcoin advocates. Real estate investor and high-profile Bitcoin supporter Grant Cardone claimed he withdrew $20 million from JP Morgan’s Chase and said he is suing the bank over alleged credit card issues. Longtime Bitcoin promoter Max Keiser urged followers to “crash JP Morgan” by abandoning the bank and buying shares of Strategy and Bitcoin instead.
MSCI’s proposed rule change would bar companies with 50% or more of their balance sheet in crypto from being included in its indexes. That shift could force many funds and asset managers, who are required to track specific benchmarks, to automatically sell these stocks, potentially creating selling pressure across crypto-related equities and the broader digital asset market.
Strategy, a major Bitcoin treasury company, joined the Nasdaq 100 in December 2024, benefiting from steady passive inflows from index-tracking investors. Founder Michael Saylor responded to the MSCI proposal by stressing that Strategy is “not a fund, not a trust, and not a holding company,” but a “Bitcoin-backed structured finance company” that creates and operates financial products rather than simply holding assets.
If MSCI proceeds, crypto treasury firms will face a stark choice: cut back their Bitcoin and crypto exposure to remain in key indexes, or accept exclusion and the loss of passive capital flows. Analysts warn that a rapid sell-off from affected companies could weigh heavily on digital asset prices.
