The tensions escalated after reports emerged that Bitcoin treasury firm Strategy and similar companies may face exclusion from major market indices. The Bitcoin community reacted with escalating calls to boycott JP Morgan following concerns over potential exclusion by MSCI, an organization that defines index eligibility, which is set to occur in January 2026.

JP Morgan highlighted this news in their analysis, prompting real estate investor Grant Cardone to respond, “I just withdrew $20 million from Chase and am suing them for credit card misconduct.” Meanwhile, Max Keiser encouraged the growing boycott by stating, “Collapse JP Morgan and invest in Strategy and Bitcoin.”

Image depicting boycott reaction
Source: Fred Krueger

Exclusion from financial indices might trigger immediate sell-offs from funds that are obliged to purchase certain types of financial assets, which could harm cryptocurrency markets.

Response from Strategy’s Founder Michael Saylor

Michael Saylor, the founder of Strategy, addressed the proposed MSCI changes, asserting, “Strategy is not a fund, not a trust, nor a holding company. Rather, we are a Bitcoin-backed structured finance entity.”

Saylor’s statement
Source: Michael Saylor

If the MSCI criteria were to be enforced, companies with more than 50% of their balance sheets in crypto holdings would lose eligibility for inclusion in the index, leading them to either decrease their crypto holdings or forfeit passive capital influxes. This could lead to significant fluctuations in digital asset prices.