The tension between the Bitcoin community and JP Morgan escalated sharply over the weekend, with prominent BTC supporters and Strategy backers calling for a widespread “boycott” of the banking giant. The backlash erupted after reports suggested that MSCI — a major global index provider formerly known as Morgan Stanley Capital International — is preparing to exclude crypto treasury companies from its major stock market indexes starting January 2026.
JP Morgan circulated these details in a recent research note, triggering frustration among Bitcoin advocates who believe the policy shift targets crypto-focused firms unfairly. Many claim that excluding companies heavily invested in Bitcoin from key indexes could harm both innovation and investor access.
One of the most vocal critics was real estate investor and long-time Bitcoin supporter Grant Cardone. Responding to a growing online call to boycott JP Morgan, Cardone said he had already withdrawn $20 million from Chase and planned to pursue legal action against the bank for alleged credit card misconduct. The comments quickly gained traction across social media platforms frequented by crypto investors.
Prominent Bitcoin commentator Max Keiser added fuel to the fire, urging followers to “crash JP Morgan and buy Strategy and BTC,” amplifying the sentiment within the community.
Potential Impact of MSCI’s Proposed Changes
The proposed MSCI policy update would exclude companies holding more than 50% of their balance sheet in digital assets from qualifying for index inclusion. Crypto treasury companies — firms that allocate a significant portion of their corporate reserves into Bitcoin — would be hit the hardest.
Analysts warn that exclusion from major indexes such as the Nasdaq 100 or MSCI’s global benchmarks could trigger large-scale automatic sell-offs. Many funds, pension plans, and asset managers are required by mandate to hold only companies included in specific indexes. Losing eligibility could therefore prompt forced selling of shares, potentially increasing downward pressure on the stock prices of affected firms.
For the broader crypto market, this raises additional concerns. If enough treasury companies are forced to reduce their Bitcoin exposure to meet MSCI’s new criteria, analysts believe this could lead to a rapid and potentially destabilizing wave of selling. While the exact market impact remains uncertain, traders are already preparing for heightened volatility.
Strategy’s Significance in Index Inclusion
Strategy, one of the most widely recognized crypto treasury companies in the world, joined the Nasdaq 100 in December 2024. This milestone allowed the company to benefit from strong passive capital flows, as index-tracking funds and institutional investors were required to accumulate its stock.
For Strategy, maintaining index inclusion is not just symbolic — it represents a steady stream of institutional demand. The proposed MSCI revision therefore poses a direct threat to the company’s long-term capital access and stock performance.
Michael Saylor Responds to MSCI’s Listing Criteria Change
Strategy founder Michael Saylor — widely regarded as one of the most influential advocates for Bitcoin — broke his silence on Friday to address MSCI’s proposed policy overhaul. Saylor emphasized that Strategy should not be categorized alongside traditional funds or holding companies.
“Strategy is not a fund, not a trust, and not a holding company,” Saylor said. “Funds and trusts passively hold assets. Holding companies sit on investments. We create, structure, issue, and operate.”
He described Strategy as a “Bitcoin-backed structured finance company,” arguing that its business model involves active development and financial structuring rather than passive asset ownership.
Saylor’s comments reflect growing concern that the new MSCI criteria misunderstand the role and operations of crypto treasury companies. He stressed that Strategy’s classification should reflect its broader financial activities rather than its Bitcoin allocation alone.
How the MSCI Proposal Could Shape the Market
If approved, the new rules could leave crypto treasury companies with two difficult choices:
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Reduce Bitcoin holdings to fall below the 50% threshold required for index inclusion.
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Maintain their current strategy and risk being removed from major indexes, losing billions in passive capital flows from index-tracking funds.
Either path carries significant implications. Reducing Bitcoin exposure would reshape treasury strategies across the sector, while index removal could restrict a company’s access to institutional capital.
Moreover, sudden and large-scale liquidations of Bitcoin holdings could place strong downward pressure on the crypto market. Analysts caution that such a chain reaction could generate additional volatility, particularly if multiple companies are forced to rebalance simultaneously.
Community Reaction Remains Intensely Critical
The Bitcoin community’s response has been direct and widespread. Many see the MSCI policy shift — and JP Morgan’s role in sharing it — as a direct challenge to Bitcoin-aligned corporations. Critics argue that traditional financial institutions may be attempting to limit the growing influence of companies using BTC as a strategic asset.
While the situation continues to evolve, one thing is clear: the debate over index inclusion has ignited a fresh wave of conflict between the crypto sector and legacy financial institutions, setting the stage for a heated narrative in early 2026.
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