Bitcoin Advocates Call for JPMorgan Boycott After Strategy Index Warning

TLDR

• MSCI plans to exclude crypto treasury companies with over 50% crypto holdings from major indexes starting January 2026, which could trigger automatic sell-offs
• Strategy (MSTR) stock dropped from over $450 in mid-July to around $170 by Friday’s close, down 41% year-to-date and 57% over the past year
• JPMorgan analysts estimate Strategy could face $2.8 billion in outflows if removed from MSCI indices, potentially reaching $8.8 billion if other index providers follow
• Bitcoin advocates including Grant Cardone and Max Keiser are calling for a boycott of JPMorgan, with Cardone claiming to withdraw $20 million from Chase
• Strategy founder Michael Saylor responded that his company is a “Bitcoin-backed structured finance company” that creates and operates, not a passive fund or holding company

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The Bitcoin community launched boycott calls against JPMorgan over the weekend following news that crypto treasury companies may be excluded from major market indexes. Strategy, the largest corporate Bitcoin holder, faces potential removal from MSCI indices starting January 2026.

MSCI, an index company that sets criteria for market inclusion, plans to exclude treasury companies with 50% or more of their balance sheet in crypto. The proposed policy change would affect Strategy and similar companies that hold large amounts of digital assets.

JPMorgan analysts shared the MSCI news in a research note this week. They estimate Strategy could face up to $2.8 billion in outflows if removed from MSCI indices. If other index providers follow MSCI’s lead, total withdrawals could reach $8.8 billion.

Strategy Stock Decline

Strategy stock (MSTR) fell below $200 on Wednesday after JPMorgan’s estimates were released. Shares continued dropping through the end of the week, reaching around $170 at Friday’s market close.

MicroStrategy Incorporated, MSTR

The stock had peaked above $450 in mid-July. Year-to-date, MSTR has declined 41%, and over the past year it has fallen about 57%.

Strategy entered the Nasdaq 100 in December 2024. This allowed the company to benefit from passive capital flows from funds holding the Nasdaq 100 index.

Community Response

Claims have circulated that JPMorgan is shorting MSTR stock. Critics also pointed to JPMorgan’s alleged financial ties to Jeffrey Epstein, which have faced Congressional scrutiny.

Saylor’s Defense

Strategy founder Michael Saylor responded to the proposed MSCI policy change on Friday. He said Strategy is not a fund, trust, or holding company.

The exclusion from indexes could trigger automatic sell-offs from funds mandated to buy specific types of financial instruments. Asset managers that track these indexes would be required to sell shares of excluded companies.

Some community members warned that retail traders might rally around MSTR stock similar to the 2021 GameStop situation. If traders believe JPMorgan is betting against the stock, they may attempt to drive its price higher. JPMorgan has faced Congressional subpoenas regarding its oversight of Epstein’s accounts and financial activities.

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