JPMorgan Plans Leveraged Bitcoin Investment Product
JPMorgan is facing renewed criticism from the Bitcoin community, this time over its plan to launch Bitcoin-linked leveraged notes. The investment bank submitted a filing to the US Securities and Exchange Commission (SEC) earlier this week to launch a type of leveraged investment product that is tied to the Bitcoin price. It aims to give investors the opportunity to achieve 1.5x the gains or losses that BTC experiences through 2028, while also offering 30% downside protection. The notes are scheduled to launch in December. But what seemed like another step toward mainstream adoption for Bitcoin has triggered the ire of Bitcoiners.
Concerns Over Selling Pressure and Competition
Some critics argue that JPMorgan's new product puts the Wall Street banking giant in direct competition with Bitcoin treasury companies. They contend that the bank now has an incentive to marginalize companies like MicroStrategy, the largest corporate Bitcoin holder globally, to promote its own structured financial product. Among the critics is Bitcoin advocate Simon Dixon, who expressed his concerns on X (formerly Twitter). Dixon stated, "The Financial Industrial Complex (FIC) has rolled out yet another speculative, leveraged paper product designed to wedge itself between you and your Bitcoin."
JP MORGAN APPLIES TO LAUNCH NEW BITCOIN-BACKED BOND
The Financial Industrial Complex (FIC) has rolled out yet another speculative, leveraged paper product designed to wedge itself between you and your Bitcoin.
The FIC is now openly testing a full suite of Bitcoin-linked… https://t.co/Hcb29vB3Popic.twitter.com/BWHrmgXgyt
— Simon Dixon (@SimonDixonTwitt) November 26, 2025
He warned that JPMorgan’s notes could "trigger margin calls on Bitcoin-backed loans, force selling pressure from Bitcoin treasury companies in down markets, and create manufactured buying pressure in up markets so the FIC can position themselves long before the public even realises the game has begun." The timing of the announcement is also being scrutinized, as MicroStrategy's stock has plummeted over 51% in the last six months and 18% in the past month.
Calls for Boycott Amidst Allegations of Market Manipulation
Bitcoiners began calling for a boycott of JPMorgan last week after its analysts warned in a research note that MSCI may drop MicroStrategy's MSTR from its indexes. A decision on this matter is expected by January 15. There is speculation on X that JPMorgan’s warning is part of a larger choreographed move to bring down MicroStrategy and other Bitcoin treasury firms, thereby forcing investors to buy into products that the bank offers. Bitcoin advocate The Bitcoin Therapist posted on X, "So JP Morgan sells shares of MSTR, increases margin req. from 50-95%, pushes for Strategy’s exclusion from the MSCI index, has a history of manipulating BTC price, calls for lower price, waits for -35% drawdown and announces a Bitcoin backed bond."
So JP Morgan sells shares of MSTR, increases margin req. from 50-95%, pushes for Strategy’s exclusion from the MSCI index, has a history of manipulating BTC price, calls for lower price, waits for -35% drawdown and announces a Bitcoin backed bond.
And this is just a coincidence? pic.twitter.com/9lOzrdLqaQ
— The ₿itcoin Therapist (@TheBTCTherapist) November 26, 2025
Meanwhile, Ran Neuner believes that JPMorgan, MSCI, and key political players "moved in sync" to pressure MicroStrategy as part of a broader effort to target "Trump’s entire crypto ecosystem."