The Bitcoin community and supporters of the crypto treasury firm Strategy expressed their growing discontent towards JP Morgan, calling for a boycott after MSCI announced potential exclusions of crypto treasury companies from significant market indexes starting January 2026.

Following the announcement, JP Morgan shared its insights in a research note. Real estate investor and Bitcoin supporter Grant Cardone stated, “I just pulled $20 million from Chase and suing them for credit card malfeasance,” as he joined the call for the boycott.
Grant’s quote means: “I have withdrawn $20 million from Chase and am taking legal action against them for issues with my credit card.”

Meanwhile, Max Keiser suggested, “Crash JP Morgan and buy Strategy and BTC,” as sentiments against the bank intensified.

Image Source: Fred Krueger

The potential removal of crypto treasury companies from stock indexes may lead to significant share sell-offs by funds, which could ultimately harm the crypto market.

Strategy Founder Michael Saylor Responds

Michael Saylor, the founder of Strategy, recently commented on the MSCI policy changes, emphasizing that “Strategy is not a fund, not a trust, and not a holding company.”

He clarified that Strategy operates as a “Bitcoin-backed structured finance company.”
Saylor’s statement means: “Unlike funds or trusts that merely hold investments, we actively create and manage our operations with a focus on Bitcoin.”

Image Source: Michael Saylor

If the MSCI criteria are implemented, any treasury company with over 50% of its assets in crypto could risk losing its index status, thus facing a tough dilemma between reducing cryptocurrency holdings or missing out on passive capital from market indexes.

According to analysts, this sudden shift could instigate a decline in digital asset prices due to increased selling pressure on crypto treasury companies.