Key highlights:
- Bitcoin advocates escalate calls for a JPMorgan boycott after MSCI’s index shift
- New rules could pressure companies holding large crypto reserves
- Strategy founder Michael Saylor responds as tensions rise in the crypto space
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Bitcoin supporters and Strategy shareholders are calling for a boycott of JPMorgan after the bank revealed plans by MSCI to exclude companies holding significant cryptocurrency reserves from major market indices. The announcement sparked immediate backlash across the crypto community, with reactions spreading rapidly on social media.
MSCI, formerly Morgan Stanley Capital International, sets the criteria for inclusion in many of the world’s key indices. According to a JPMorgan research note, MSCI intends to remove companies whose balance sheets contain 50% or more in cryptocurrency starting in January 2026.
The new rules would force affected companies to either reduce their crypto exposure or risk being removed from major indices, potentially limiting access to passive investment flows.
Crypto advocates call for a JPMorgan boycott as Saylor responds
The response from Bitcoin advocates was swift and intense. Real estate investor and prominent Bitcoin supporter Grant Cardone announced:
I just pulled $20M from chase and suing them for credit card malfeasance
— Grant Cardone (@GrantCardone) November 23, 2025
Bitcoin advocate Max Keiser also pushed the campaign forward, urging followers to “break JPMorgan and buy Strategy and BTC.”
Strategy founder Michael Saylor publicly addressed MSCI’s decision, clarifying the nature of his company.
Response to MSCI Index Matter
Strategy is not a fund, not a trust, and not a holding company. We’re a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital.
This year alone, we’ve completed…
— Michael Saylor (@saylor) November 21, 2025
He described Strategy, which recently made a $835 million investment in Bitcoin, as a “bitcoin-backed structured finance company.”
The firm entered the Nasdaq 100 in December 2024, gaining access to significant passive capital flows from investors tracking the index.
Potential market impact raises new concerns
Analysts warn that excluding crypto-heavy companies could trigger automatic selling by funds required to hold only index-eligible stocks. This could create downward pressure not only on the companies themselves but also on digital asset prices.
A wave of forced selling tied to MSCI’s proposed rules may ultimately weigh on the broader cryptocurrency market, especially if multiple firms unload large volumes of Bitcoin or other assets to maintain index eligibility.
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Source:: Bitcoin Advocates Call for JPMorgan Boycott in Wake of MSCI Rule