SKN | Bitcoin and Strategy Supporters Call for Boycott of JP Morgan as Index Clash Intensifies

Growing Tensions After Warning That Crypto Treasuries May Be Removed From Major Indexes

A wave of backlash from Bitcoin supporters and investors in crypto-treasury companies erupted over the weekend after JP Morgan circulated research suggesting that MSCI may exclude companies with large digital-asset holdings from its global equity indexes beginning in January 2026. The development triggered immediate calls among parts of the Bitcoin community to “boycott” JP Morgan and shift capital toward Bitcoin-aligned firms.

Bitcoin Community Reacts as Boycott Calls Spread

The friction escalated quickly after JP Morgan highlighted MSCI’s draft criteria, which indicate that companies holding more than 50% of their balance sheet in cryptocurrencies may be disqualified from index inclusion.

The announcement struck a nerve with Bitcoin advocates, who fear the policy could spark widespread forced selling. Real estate investor and longtime BTC supporter Grant Cardone publicly criticized JP Morgan, saying he had withdrawn $20 million from Chase amid the uproar. Prominent Bitcoin commentator Max Keiser urged followers to “crash JP Morgan” and support Strategy and Bitcoin instead, amplifying the online movement.

For the crypto industry, the implications could be substantial. Exclusion from MSCI benchmarks would automatically remove affected companies from index-tracking funds and ETFs, triggering mechanical outflows from investment managers required to hold only approved securities. In addition to pressuring stock prices, analysts warn that any large-scale liquidation from crypto-heavy corporate treasuries could spill into digital-asset markets.

Strategy Founder Saylor Pushes Back Against MSCI Criteria

The controversy intensified after Strategy founder Michael Saylor broke his silence on Friday. Strategy entered the Nasdaq 100 in December 2024, a move that significantly boosted its visibility and attracted passive capital inflows tied to the index.

Responding to MSCI’s proposed rule change, Saylor rejected the characterization of his company as comparable to a fund or trust. He argued that Strategy “is not a fund, not a trust, and not a holding company,” but a “Bitcoin-backed structured finance company” that actively builds and issues financial products rather than merely holding digital assets.

Under MSCI’s draft guidance, any company with more than half its balance sheet in crypto assets would lose eligibility for index inclusion. Firms facing disqualification would be forced to either sell down their crypto holdings to fall below the 50% threshold or accept removal from major equity benchmarks—losing billions in passive flows as a result.

Analysts Warn of Possible Market Ripple Effects

A broad wave of forced selling from crypto treasuries reacting to MSCI’s shift could exert pressure on digital-asset prices, particularly during a period when the market is already absorbing sharp declines in Bitcoin and altcoins. The fear among investors is that MSCI’s new rules could accelerate volatility at a pivotal moment for the crypto sector’s institutional adoption.

For now, both the crypto community and corporate issuers are awaiting MSCI’s final decision, which is expected to be published later this year.