The backlash against JP Morgan from the Bitcoin community has intensified, particularly following recent reports that the MSCI, a prominent index company, may exclude crypto treasury companies from its indexes starting in January 2026. This revelation came to light through a research note from JP Morgan, sparking outrage among Bitcoin advocates and supporters of the treasury firm Strategy.
Calls for a boycott of JP Morgan have been amplified within the Bitcoin community, with several high-profile figures voicing their discontent. Grant Cardone, a real estate investor and vocal Bitcoin advocate, announced he has withdrawn $20 million from Chase bank and is pursuing legal action for alleged credit card misconduct. Alongside this, fellow Bitcoin proponent Max Keiser urged followers to “Crash JP Morgan and buy Strategy and BTC,” as the growing online movement against the financial institution took shape.
The MSCI’s potential exclusion of crypto treasury firms from its indexes could lead to an automatic sell-off of their shares. Funds and asset managers that track these indexes are typically required to divest from companies that no longer meet inclusion criteria. Analysts warn that this could have a pronounced negative effect on the crypto markets, linked to the potential volatility in digital asset pricing.
In response to the MSCI developments, Strategy founder Michael Saylor clarified his company’s role in the ecosystem. Saylor emphasized that Strategy is “not a fund, not a trust, and not a holding company,” but a “Bitcoin-backed structured finance company.” His comments came after Strategy’s successful inclusion in the Nasdaq 100, which enabled the company to take advantage of the passive capital inflows typically associated with that index.
Under the proposed MSCI listing criteria amendments, any treasury company with more than 50% of its balance sheet allocated to crypto would lose its index status. This change would force such firms to consider either reducing their cryptocurrency holdings or risk losing vital investment flows from market indexes. Analysts predict that a sudden sell-off from affected crypto treasury companies could further depress digital asset prices in a market already facing challenges.
