The crypto community is inflamed after the announcement that Strategy and other companies holding cryptocurrencies could be kicked out of major stock indexes. A boycott movement is gaining momentum. Will JP Morgan be the next target of the Bitcoin revolution?
In brief
- Strategy and other crypto cash companies face exclusion from MSCI indices as early as January 2026.
- Leading investors are publicly calling for a boycott of JP Morgan, accused of relaying this decision.
- Michael Saylor defends his company by asserting that it is “neither a fund nor a trust” but a structured finance company.
- The exclusion could trigger massive automatic sales and cause cryptocurrency prices to plummet.
A Bitcoin community in turmoil
Tensions exploded on Sunday when MSCI, the index company formerly known as Morgan Stanley Capital International, announced plans to exclude companies holding more than 50% of their balance sheets in crypto.
JP Morgan relayed this information in a research note, thus becoming the target of bitcoiners' anger.
The reactions were quick. Grant Cardone, real estate investor and Bitcoin advocate, hit it hard. “ I just withdrew $20 million from Chase and am suing them for embezzlement “, he declared on social networks.
Max Keizer, another emblematic figure of the ecosystem, made an even more direct appeal: “ Bring down JP Morgan and buy Strategy and BTC. »
The boycott movement is gaining momentum within the ranks of a usually fragmented community. This time, the threat looms over Strategy, the world leader in institutional bitcoin holding with 649,870 BTC to its assets.
The company joined the Nasdaq 100 in December 2024, allowing it to benefit from passive capital flows. Today, this position is under threat.
The issues go far beyond the simple case of Strategy. Excluding MSCI indexes would force funds and asset managers to automatically sell their positions in these companies. A massive sale that could shake up the entire crypto market. Analysts fear a domino effect on the prices of digital assets.
Michael Saylor counterattacks against new rules
The founder of Strategy did not give up. Michael Saylor posted a scathing response on social media on Friday. “ Strategy is not a fund, trust or holding company “, he insisted.
He went on to explain that his company “creates, structures, issues and manages,” defining it as a “bitcoin-backed structured finance company.”
This distinction is not just a semantic dispute. It goes to the heart of the debate: Should Strategy be treated as a passive investment vehicle or as a true operational business?
For Saylor, the answer is clear. Its economic model is based on a strategic accumulation of Bitcoin, financed by the issuance of preferred shares which avoid dilution of historical shareholders.
The modification proposed by MSCI places these companies in a difficult dilemma. Either they reduce their crypto holdings below the 50% threshold to maintain their eligibility for indices, or they lose access to institutional capital flows.
Some, like Bitmine, Metaplanet or Upexi, are already seeing their net asset value ratio fall below the critical level, compromising their ability to raise funds.
Still, Strategy seems to be holding its own. Despite the stock halving since its peak at $474, the company has even accelerated its bitcoin purchases. In mid-November, it acquired 8,178 BTC for $835 million. Saylor says his company is “designed to take an 80 to 90 percent drop and still operate.”
A turning point for institutional adoption of Bitcoin
This crisis reveals a fascinating paradox. On the one hand, Strategy could join the S&P 500 as early as December according to several analysts, with a 70% chance according to 10X Research. A historic first for a company focused on Bitcoin.
On the other hand, index organizations seek to exclude these same companies from their traditional rankings.
Institutional finance is still hesitant. It is willing to recognize Bitcoin as a legitimate asset, but refuses to fully accept companies that make it their raison d'être. JP Morgan itself is now exploring Bitcoin-backed credit.
S&P Global Ratings even gave Strategy a “B-” rating, a first for this type of company. These contradictory signals illustrate a chaotic transition towards a new financial paradigm where Bitcoin is gradually finding its place, without traditional players knowing exactly how to regulate it.
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