The Bitcoin community and supporters of BTC treasury company Strategy have intensified their boycott calls against financial services giant JP Morgan. This anger stems from news, shared by JP Morgan in a research note, that index provider MSCI (formerly Morgan Stanley Capital International) is likely to exclude crypto treasury companies from its stock indexes starting in January 2026.
The proposed MSCI policy change would affect any company with 50% or more of its balance sheet held in crypto. Exclusion from major indexes, like the Nasdaq 100 which Strategy joined in December 2024, could trigger a significant sell-off of these companies’ shares by funds mandated to track the indexes. This forced selling could subsequently negatively impact the broader crypto markets. High-profile Bitcoin advocates, including Max Keiser and Grant Cardone, have publicly called for action against JP Morgan in response.
Strategy founder Michael Saylor addressed the potential change, asserting that Strategy is “not a fund, not a trust, and not a holding company,” but rather a “Bitcoin-backed structured finance company.” He argues that Strategy differs from passive asset holders as it “create[s], structure[s], issue[s], and operate[s].”
Crypto treasury companies facing exclusion would be forced to either reduce their crypto holdings to fall below the 50% threshold or forfeit the passive capital inflows that come from index inclusion.
