Why Bitcoin Supporters Are Calling for a Boycott of JP Morgan
Bitcoin advocates and shareholders of bitcoin-heavy companies are calling for a boycott of JP Morgan after learning of plans that could push crypto-treasury firms out of major stock market indices. The backlash is gaining momentum across social media as investors fear a coordinated effort to punish companies that hold significant amounts of bitcoin on their balance sheets.The controversy centers on new index rules expected from MSCI, a leading provider of global equity benchmarks. According to a research note circulated by JP Morgan, MSCI is preparing to exclude companies with large crypto reserves from its indices starting in January 2026. For firms that built a strategic identity around bitcoin, this could turn treasury policy into a direct threat to their index inclusion and visibility on global markets.
MSCI’s new threshold: crypto-heavy treasuries face exclusion
Under the proposed criteria, companies whose balance sheet holds 50% or more of its assets in cryptocurrencies would lose their place in MSCI indices. That threshold is designed to treat such firms as “crypto-heavy” rather than traditional operating companies, effectively separating them from the mainstream equity universe tracked by passive funds and ETFs.The implications are stark. Companies that crossed the 50% line by aggressively accumulating bitcoin now face a binary choice: reduce their crypto reserves below the threshold to preserve index membership, or accept exclusion and the potential loss of capital flows from index-tracking investors. For many bitcoin supporters, this looks less like a neutral risk rule and more like a targeted penalty on corporate bitcoin adoption.
Why bitcoin supporters blame JP Morgan
Although MSCI sets the index rules, JP Morgan became a primary target for criticism after its research note publicized the upcoming changes. To bitcoin advocates, the bank appears to be endorsing or amplifying a policy that discriminates against companies with strong conviction in bitcoin as a reserve asset. Calls to close accounts, move capital elsewhere and refuse to work with JP Morgan are circulating under boycott slogans.Supporters argue that the bank is aligning itself with a status quo that favors traditional balance sheets while punishing financial innovation. By framing bitcoin-heavy treasuries as a problem for indices, critics claim JP Morgan and MSCI are sending a message that aggressive crypto adoption will be met with structural pushback rather than recognition.
Why index inclusion matters so much
In modern markets, index inclusion is more than a badge of prestige; it is a direct pipeline to capital. A huge volume of institutional money flows into companies simply because they are part of major benchmarks tracked by mutual funds and ETFs. Being dropped from a key index can reduce visibility, shrink demand from passive investors and increase volatility in a company’s stock.For bitcoin-treasury firms, losing index status could mean higher funding costs, less stable valuations and reduced access to mainstream capital. Critics of the new rules argue that this creates an unfair pressure point: companies must either dilute their bitcoin strategy or accept financial penalties imposed by index providers and the banks that support them.
A clash between bitcoin ideology and traditional finance
The boycott calls reflect a deeper conflict between the bitcoin community’s long-term vision and the risk frameworks of traditional institutions. Bitcoin advocates see corporate treasuries holding BTC as a rational response to inflation, monetary expansion and fiat currency risk. Index providers, by contrast, increasingly treat large crypto positions as a form of concentration risk that does not fit established models.This tension is now surfacing in a very concrete way. If MSCI proceeds with its plan, January 2026 could mark a new phase in the relationship between public markets and corporate bitcoin strategies, forcing boards and shareholders to choose between index-friendly balance sheets and high-conviction crypto reserves.
What happens next
For now, the boycott campaign is largely symbolic, but it signals that bitcoin supporters are willing to push back against large financial institutions they view as hostile to crypto adoption. As the implementation date for the MSCI changes approaches, companies with substantial bitcoin holdings will have to decide whether to adjust their treasuries, challenge the narrative or lean into a more independent investor base outside traditional indices.Whatever path they choose, the dispute around JP Morgan and MSCI underscores a key reality of bitcoin’s maturation: as crypto moves deeper into the regulated financial system, battles will increasingly be fought not only on price charts, but in index committees, research notes and policy decisions that quietly shape the flow of capital worldwide.
Editorial Team - CoinBotLab
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