Tension between the Bitcoin community and traditional finance surged as prominent BTC supporters rallied behind a growing online movement to boycott JP Morgan. The backlash erupted following reports that MSCI (Morgan Stanley Capital International) intends to exclude crypto treasury companies from its major market indexes starting January 2026.
Why the Boycott?
MSCI’s proposed rule change would remove companies from its indexes if 50% or more of their balance sheet consists of crypto assets. The update could significantly affect firms like Strategy (commonly known as MicroStrategy in broader markets), which hold large amounts of Bitcoin on their balance sheets.
JP Morgan amplified the news in a research note — triggering immediate reactions from Bitcoin advocates:
- Grant Cardone claimed he withdrew $20 million from Chase and planned legal action.
- Max Keiser urged followers to “Crash JP Morgan and buy Strategy and BTC.”
Why It Matters
If crypto treasury companies are removed from indexes like the Nasdaq 100, they would lose billions in passive capital flows from index funds and ETFs that are required to hold such stocks.
This could force massive selling from institutional portfolios and potentially harm broader crypto markets.
Michael Saylor Responds
Strategy founder Michael Saylor rejected the classification of his company as a passive crypto holder. He argued:
- Strategy is “not a fund, trust, or holding company.”
- Instead, it is a “Bitcoin-backed structured finance company” involved in creating and operating financial products — not merely holding assets.
Saylor’s company joined the Nasdaq 100 in December 2024, benefiting greatly from passive flows. Losing that index position would be financially significant.
Potential Market Impact
Analysts warn that if MSCI enforces the policy, affected companies may:
- Reduce Bitcoin holdings to stay within the index threshold, or
- Accept index exclusion, losing passive capital and risking sharp declines in share prices.
Either outcome could trigger forced selling, increasing pressure on digital asset prices, particularly Bitcoin.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.