Anger against JPMorgan quickly spread across social platforms this weekend following reports that the bank was involved in policy changes that could hurt companies that hold large amounts of Bitcoin.
According to reports, MSCI (the index firm formerly known as Morgan Stanley Capital International) is likely to tighten its listing rules in January 2026, which will result in companies with more than 50% of their balance sheets held in cryptocurrencies being excluded from major indexes.
This possible action turned the technical indicators issue into a broader public backlash directed at the banks that shared the research memo.
JP Morgan: Anger erupts over index change
The strategy, which joined the Nasdaq 100 in December 2024, benefited from stable passive capital flows associated with index membership.
According to reports, the proposed rules would force companies with high cryptocurrency exposure to either reduce their Bitcoin holdings to below 50% of a threshold or lose the index-driven demand that underpins their stock prices.
Investors and some analysts have warned that either outcome could trigger sharp selling by funds that must follow index rules, which could ripple through to crypto prices.
$mstrer – JPM says MicroStrategy is “at risk of being removed from major stock indexes as the January MSCI decision approaches.”
“MSCI is currently considering removing MicroStrategy and other digital asset treasury companies from its stock indexes, which could result in outflows of $2.8 billion.” pic.twitter.com/gMqlYtcZII
— Matthew Siegel, CFA Recovery (@matthew_sigel) November 20, 2025
Celebrity: The Flames vs. JP Morgan
High-profile voices quickly pushed the boycott argument. Real estate investor Grant Cardone said he withdrew $20 million from Chase and threatened legal action over a credit card dispute.
Media host Max Kaiser targeted JPMorgan and urged his followers to buy Strategy stock and Bitcoin stock instead.
Crash and buy JP Morgan $mstrer (&Bitcoin) https://t.co/dRoxYSlGdL pic.twitter.com/BS0fRzT5HV
— Max Keiser (@maxkeiser) November 23, 2025
Social posts and online threads amplified those calls, turning technical policy details into a campaign that appeals to what matters to banks: their customers’ money and their public image.
Enemies have names. It’s the banking system.
Let’s take a look at JPM’s chart since the Great Financial Crisis. It has been STRAIGHT UP for the past 15 years.
JPMorgan has consolidated its power as the head of a banking crime syndicate throughout both the Obama and Trump administrations. pic.twitter.com/YisF732oa5
— Fred Krueger (@dotkrueger) November 22, 2025
Strategy retracts classification
Strategy executives, led by Michael Saylor, said in a statement that the company does not view itself as a fund or trust that simply holds assets.
The founders described the business as a Bitcoin-backed structured finance company that issues and operates products rather than passively holding investments. This distinction is important because MSCI’s draft standard appears to focus on passive ownership structures.
Dealing with the MSCI index problem
Strategy is not a fund, trust or holding company. We are a publicly traded company with a $500 million software business and a unique financial strategy that uses Bitcoin as production capital.
It was completed only this year…
— Michael Saylor (@saylor) November 21, 2025
If MSCI finalizes this change in January 2026, companies with crypto holdings above the threshold would immediately face pressure to change their balance sheets or face delisting from the index, which collects hundreds of millions of dollars in passive flows.
BTCUSD trading at $87,127 on the 24-hour chart: TradingView
Market risk and next steps
Analysts say the practical effects could be felt quickly. Forced rebalancing by index-tracking funds can lead to concentrated selling in affected stocks.
If multiple treasury companies sell Bitcoin at the same time to meet the new restrictions, the price of the digital asset could fall, adding a second layer of stress.
For now, this rule is reported to be more likely than not final. Market participants are paying close attention to the official announcement and JPMorgan’s public response, but no detailed rebuttal has been provided in response to the growing criticism.
Featured images from Gemini, charts from TradingView
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