Bitcoin Community Expresses Outrage Over JP Morgan's Role in MSCI Index Decision
The Bitcoin community and supporters of the crypto treasury company Strategy have voiced significant backlash against financial services company JP Morgan, with calls for a boycott intensifying on Sunday. The widespread anger stems from news that MSCI, an index provider, is likely to exclude crypto treasury companies from its indexes starting in January 2026. JP Morgan shared this MSCI news in a research note, which further fueled the community's discontent.
In response to the developments, prominent figures within the Bitcoin advocacy space have taken strong stances. Real estate investor and Bitcoin advocate Grant Cardone announced he had withdrawn $20 million from Chase, a subsidiary of JP Morgan, and intends to sue the bank for credit card malfeasance. Bitcoin advocate Max Keiser urged a "Crash JP Morgan and buy Strategy and BTC," as the online movement to boycott the financial services giant gained momentum.
Implications of MSCI Exclusion for Crypto Treasury Companies
The potential exclusion of crypto treasury companies from major stock indexes like those managed by MSCI carries significant implications. Such an exclusion could trigger automatic sell-offs of their shares by funds and asset managers who are mandated to invest in specific types of financial instruments. This could, in turn, negatively impact broader crypto markets.
Strategy Founder Michael Saylor Responds to MSCI's Proposed Policy Change
Strategy, a company that holds a significant amount of Bitcoin on its balance sheet, entered the Nasdaq 100 index in December 2024. This inclusion allowed Strategy to benefit from passive capital flows from funds and investors tracking the Nasdaq 100 index.
Strategy founder Michael Saylor addressed the proposed MSCI policy change, clarifying the nature of his company. Saylor stated, "Strategy is not a fund, not a trust, and not a holding company." He elaborated, "Funds and trusts passively hold assets. Holding companies sit on investments. We create, structure, issue, and operate." Saylor defined Strategy as a "Bitcoin-backed structured finance company."
The proposed MSCI listing criteria change specifies that any treasury company with 50% or more of its balance sheet allocated to crypto assets would lose its index status. This presents these companies with a critical choice: either reduce their crypto holdings to fall below the threshold for index inclusion or forfeit the passive capital flows associated with market indexes.
Analysts suggest that a sudden sell-off by crypto treasury companies affected by the proposed MSCI changes could lead to a significant decrease in digital asset prices.