JPMorgan Posed Threat to Strategy and Other DATs Amid Possible Exclusion from MSCI Indices

• The crypto community accused JPMorgan of putting pressure on Strategy and other DATs.
• The reason was the possibility of these companies being excluded from the MSCI indices in January 2026.
• Michael Saylor defended Strategy, describing it as a “bitcoin-backed structured finance company” rather than a fund or trust.

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The bitcoin community and Strategy’s supporters have increased pressure on JPMorgan Chase following the news that the index company MSCI (formerly Morgan Stanley Capital International) may exclude crypto treasury companies (DATs) from its indices in January 2026. This was announced by Matthew Siegel, head of digital asset research at VanEck.

He warned:

In the crypto industry, this is seen as a risk of artificial pressure on companies that hold significant bitcoin balances. According to market participants, many users have already allegedly started closing their accounts with JPMorgan after a “planned attack on MSTR shareholders.”

JPMorgan disseminated the news through an analyst note, which prompted an immediate reaction from bitcoiners. Grant Cardone, a supporter of the first cryptocurrency, said:

As a reminder, Cardone Capital was the first real estate company to start accumulating bitcoins in its investment portfolio.

Back in October, MSCI announced consultations on the possible exclusion of DATs with more than half of their balance sheet in cryptocurrencies.

Bitcoin lawyer Max Kaiser called for a tougher response:

At the same time, crypto entrepreneur Fred Krueger stressed that the problem is much broader and concerns the entire banking system:

Exclusion from the indices could lead to automatic sell-offs by funds that are required to hold only index assets and put pressure on the crypto market.

It is worth noting that Strategy joined the Nasdaq 100 in December 2024, which provided it with access to significant passive capital flows.

Strategy’s founder Michael Saylor sharply criticised MSCI’s possible changes. He stressed that the company is not a fund or trust:

Saylor added that Strategy is a “bitcoin-backed structured finance company” with real operations and digital credit instrument programs.

In 2025, the company completed five public offerings of digital credit securities (STRK, STRF, STRD, STRC, and STRE) for a total nominal amount of over $7.7 billion. It has also launched Stretch (STRC), a bitcoin-backed treasury instrument with a US dollar yield for institutional and retail investors.

Saylor noted that no passive structure could perform like Strategy, and the index classification “does not define its essence.” He added:

Earlier we wrote that 10x Research analysts estimated the probability of Strategy’s inclusion in the S&P 500 at 60-70%, but only if the company reports a strong Q3 report. The report also noted that the market remains pessimistic about the company.

Meanwhile, according to Strategy’s financial results for the third quarter, its net profit was $2.8 billion.

However, in November 2025, three analysts from Cantor Fitzgerald, TD Cowen, and Maxim Group cut their target prices for Strategy shares due to a drop in the bitcoin premium, the difference between the company’s market price and the value of its BTC reserves. The average target price fell to its lowest level since May. According to analysts, the company needs $150,000 worth of bitcoin to implement its plan.

Although the asset set an all-time high in early October, its value fell below $81,000 on November 21.

Despite this, Sailor noted that bitcoin’s volatility is decreasing despite the market’s decline, making it “stronger than ever,” and the company can “withstand an 80-90% drawdown and keep on ticking,” so it is “indestructible.”