365Crypto
A Boycott Storm Hits JP Morgan
Bitcoin supporters woke up ready for battle after MSCI signaled that crypto treasury firms may vanish from major indexes in 2026. The news spread fast, and JP Morgan found itself in the crosshairs because it delivered the update in a research note. The reaction was loud, messy, and very on-brand for Crypto Twitter. Some users said they were pulling money from Chase. Others said they were suing. One guy threatened both.
Strategy Becomes a Lightning Rod
The center of the storm was Strategy, the Bitcoin-heavy treasury company that joined the Nasdaq 100 in late 2024. That move gave it steady passive inflows from funds tied to the index. Now those flows may disappear if MSCI finalizes its new rules. For many Bitcoin fans, this felt like someone unplugging their miner during a bull run. They did not take it well.
Saylor Fires Back
Strategy founder Michael Saylor did not wait long to respond. He said Strategy is not a fund, nor a trust, nor a dusty holding company. He said the firm builds and structures Bitcoin-backed financial products, which he believes puts it in a different category altogether. His tone suggested he had rehearsed this speech in front of a mirror multiple times.
Analysts Warn of Market Shock
If MSCI pushes forward, any treasury company holding more than half its assets in crypto would be kicked from the indexes. Firms would face an awkward choice: dump Bitcoin to stay listed or lose passive capital flows. Analysts warn that forced selling could smack crypto prices. Bitcoiners warn that they will smack JP Morgan harder.
Footnotes:
Index inclusion: when a stock qualifies to be part of a market index.
Passive capital flows: automatic investment from index-tracking funds.
Treasury company: a firm holding assets—often Bitcoin—as part of its balance sheet.
