The Bitcoin community and supporters of the BTC treasury company Strategy demonstrated heightened anger towards the American multinational investment bank JP Morgan on Sunday, November 23. Their frustration resulted in the need for a “boycott” against the financial services holding company.
This backlash followed a news leak that MSCI, which stands for Morgan Stanley Capital International, a global provider of financial market indices, data, and analytics useful for investors globally, intends to eliminate crypto treasury firms from its indexes. MSCI is one of the world’s most influential index providers, and its decisions can drive billions of dollars in institutional investments. Inclusion in an MSCI index often attracts passive investment from mutual funds, ETFs, and large pension funds, while exclusion can trigger automated sell-offs and reduced liquidity for affected companies.”
This move was scheduled to take effect starting in January 2026, according to the news. Interestingly, sources noted that JP Morgan earlier shared this information in a research note.
Bitcoin advocates urge individuals to boycott against JPMorgan
Bitcoin and Strategy’s supporters have called on people to come out in large numbers to protest against JP Morgan. In response to this call, real estate investor and Bitcoin advocate Grant Cardone released a statement claiming that he only managed to withdraw $20 million from JPMorgan Chase & Co.
Following this allegation, Cardone vowed to file a lawsuit against the firm over credit card issues. The real estate investor’s statement illustrated the intense nature of the situation surrounding the online boycott. Regarding his claims, Bitcoin advocate Max Keiser urged Cardone to take down JP Morgan and invest his money in a Strategy and BTC.
According to reports from reliable sources, if MSCI decides to remove crypto treasury firms from its stock indexes, funds and asset managers may be forced to automatically sell their shares if they need to buy specific types of financial instruments. Analysts warned that such an act could hurt the entire cryptocurrency market.
Meanwhile, it is worth noting that Strategy was added to the Nasdaq 100 in December 2024. The Nasdaq 100 is a stock market index that includes 100 of the largest and most actively traded non-financial companies listed on the Nasdaq Stock Exchange. This significant milestone enabled Strategy to benefit from the passive capital derived from funds and investors who hold shares in the Nasdaq 100.
The uncertainty surrounding the proposed changes in MSCI policy ignites debates in the industry
Michael Saylor, the executive chairman and founder of Strategy, had earlier commented on the proposed changes in MSCI policy. Saylor argued that Strategy was not a fund, a trust, or a holding firm but a Bitcoin-backed structured finance company.
He explained that, “Funds and trusts simply hold onto assets. Holding companies keep investments. We create, design, issue, and run our operations.”
On the other hand, sources noted that the proposed change in MSCI listing regulations would require any treasury company with more than 50% of its balance sheet in cryptocurrency to lose its index status.
Afterwards, the companies affected would be presented with two options to choose from. These options include: the firm decides to either lower its crypto holdings to fall below the limit for index inclusion or decide to quit receiving passive capital from market indexes.
Following this explanation, analysts expressed their belief that a sudden sell-off by crypto treasury companies, reacting to the proposed MSCI change, could lower digital asset prices.
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