On Sunday, November 23, the crypto community started a massive campaign against banking giant JP Morgan. The backlash stems from a research note circulated by the bank revealing that index provider MSCI plans to exclude companies with significant digital asset reserves from its key lists. This decision threatens to trigger institutional capital outflows and automatic sell-offs for affected firms.
According to the data shared by JP Morgan, the new MSCI criteria could take effect in January 2026. The provider intends to strip index status from organizations holding more than 50% of their balance sheet in cryptocurrencies.
Potential Blow to Strategy
Analysts warn the policy shift targets the industry's biggest players. Experts also fear a mass sell-off of sector-specific shares could trigger a chain reaction, crashing prices in the broader cryptocurrency market.
In December 2024, Strategy joined the prestigious Nasdaq 100, securing passive capital inflows from funds tracking the index. The new rules force such companies to choose: reduce their Bitcoin holdings below the threshold or lose access to institutional money.
Strategy founder Michael Saylor pushed back against the situation, rejecting comparisons between his business and classic funds. He argued that Strategy is an operating company designing and issuing products, effectively acting as a Bitcoin-backed structured finance firm.
“Response to MSCI Index Matter. Strategy is not a fund, not a trust, and not a holding company,” he wrote.
Market Participants Are Furious
The leak regarding MSCI’s plans drew sharp criticism from Bitcoin advocates and Strategy shareholders. Market participants view the move by JP Morgan as a direct attack on the digital asset sector.
Real estate investor Grant Cardone announced the immediate withdrawal of $20 M from his JPMorgan Chase & Co accounts.
“I just pulled $20M from chase and suing them for credit card malfeasance,” Cardone wrote on X, responding to calls for a boycott.
Bitcoin enthusiast Max Keiser joined the movement, urging the community to inflict financial damage on the bank and redirect funds into Strategy shares and Bitcoin.
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