Distaste for financial services firm JP Morgan from the Bitcoin (BTC) community and supporters of BTC treasury firm Strategy continued to grow on Sunday as calls for a “boycott” of JP Morgan grew.
The anger news from the Bitcoin community that MSCI, formerly Morgan Stanley Capital International, the index company that sets the criteria for inclusion in the index, is likely to exclude crypto-treasury companies from its indices in January 2026.
JP Morgan divided MSCI news in a research note. “I just took $20 million from Chase and sued them for credit card fraud,” real estate investor and Bitcoin advocate Grant Cardone he said in response to a call for boycott financial services giant.
“Crush JP Morgan and buy the strategy and BTC,” Bitcoin advocate Max Keizer he saidwhile the online boycott movement was gaining momentum.
The exclusion of crypto-treasury companies from stock indices could trigger an automatic sell-off of their shares by funds and asset managers authorized to buy certain types of financial instruments, and could negatively affect crypto-markets.
Related: Saylor Shrugs Off Suggestion Wall Street ‘Damaged’ Bitcoin Amid Latest Drop
Strategy founder Michael Saylor breaks his silence and responds to MSCI
Strategy entered the Nasdaq 100, a stock index of the 100 largest companies by market capitalization on a technology-focused exchange, in December 2024.
This allowed Strategy to take advantage of passive capital flows from funds and investors holding the Nasdaq 100.
Strategy founder Michael Saylor answered to MSCI’s proposed policy change on Friday, saying: “Strategy is not a fund, not a foundation, not a holding company.”
“Funds and foundations passively hold assets. Holding companies rely on investments. We create, structure, issue and manage,” Saylor said, adding that Strategy is a “Bitcoin-backed structured finance company.”
The proposed change to MSCI’s listing criteria would force any treasury company with 50% or more of its balance sheet in cryptocurrencies to lose index status.
These companies would then face one of two choices: reduce crypto holdings below the index-eligible threshold, or lose passive capital flows from market indices.
Sudden sell-off by crypto treasuries affected by MSCI’s proposed change could send digital asset prices lower, according to analysts.
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