Bitcoin community calls for a boycott of JP Morgan

MSCI is considering removing crypto treasury companies from its indexes beginning in January 2026 if more than half of their balance sheet is made up of digital assets.

JP Morgan issued a research note outlining the likelihood of such exclusions, which sparked a strong reaction among bitcoin supporters. Investor Grant Cardone, for example, wrote: “I just pulled $20 million out of Chase and am suing for credit card fraud.” Some argue that major banks oppose bitcoin, DeFi, and stablecoins, and see the pressure on Strategy as part of a broader clash between traditional finance and the crypto industry.

Strategy joined the Nasdaq 100 in December 2024 and has since attracted significant passive inflows. The proposed MSCI changes could strip the company of that advantage and lead to forced selling by funds that track the indexes.

Michael Saylor, founder of Strategy, responded to MSCI’s proposal, stressing: “Strategy is not a fund, a trust, or a holding company.” He described the firm as a bitcoin-backed structured finance company that issues digital debt instruments. Saylor said the company has completed five offerings this year totaling more than $7.7 billion in face value.

Such changes could force companies to cut their crypto exposure or forfeit their place in the indexes. Analysts warn that forced selling could add pressure to the digital asset market and trigger another downturn.

The community views the actions of MSCI and JP Morgan as a threat to companies working with crypto assets and a move that could hurt bitcoin and related sectors. The debate continues, and calls to boycott JP Morgan are gaining momentum on social media.