The simmering tension between the crypto world and traditional Wall Street banks just boiled over into a full-blown conflict. On Sunday, Bitcoin loyalists launched a massive boycott against banking giant JPMorgan Chase.
The spark? A leaked research note warning that MSCI, a major company that creates the stock indexes used by investors worldwide, is planning a rule change that could trigger an $8.8 billion forced sell-off of crypto-friendly companies like Strategy (formerly MicroStrategy).
The “digital asset” purge
The controversy is all about a new proposal from MSCI. They are looking to create a new category for companies they call “Digital Asset Treasuries.”
Here is the fine print: Under the proposed rules, any company that holds more than 50% of its assets in cryptocurrency would no longer be considered a normal “operating company.” Instead, it would be labeled as a digital asset vehicle.
If this rule goes into effect on January 15, 2026, these companies would be kicked out of major indexes like the MSCI World and MSCI USA. They are effectively blacklisting any company that decides to go all-in on Bitcoin, treating them like investment funds (which aren’t allowed in these stock indexes).
JPMorgan under fire
While MSCI is the one proposing the rule, JPMorgan Chase has become public enemy number one.
The anger exploded after JPMorgan released a research note explaining just how bad this would be. Their analysts calculated that Strategy (MSTR) alone could face $2.8 billion in forced selling from funds that track MSCI indexes. If other index providers copy MSCI, that number could balloon to nearly $9 billion.
Bitcoin influencers didn’t take this as a helpful warning; they took it as a threat. They accused the bank of spreading fear to drive down prices. Max Keiser, a famous Bitcoin maximalist, rallied his followers on social media with a blunt message: “Crash JP Morgan and buy Strategy and BTC.”
Saylor fights back
At the center of this storm is Michael Saylor, the Chairman of Strategy. Since 2020, he has transformed his software company into the world’s largest corporate holder of Bitcoin, leading to a rebrand (from MicroStrategy to Strategy) and a spot on the Nasdaq 100 last year.
According to crypto media, Saylor is furious about the idea that his company is just a “passive fund.”
“Strategy is not a fund, not a trust, and not a holding company,” Saylor argued. “Funds just sit on assets. We create, design, issue, and run operations.” He insists that Strategy is a “Bitcoin-backed structured finance company”, using its Bitcoin wealth to power its software business, something he says MSCI completely fails to understand.
The risk: A potential “death spiral”
Analysts are warning that if this rule passes in January, it could get ugly. Being in an MSCI index means billions of dollars from pension funds flow into your stock automatically. Being kicked out means that money leaves automatically.
If Strategy is forced to sell Bitcoin to save its stock price or change its business model, it could crush the price of Bitcoin even further, creating a “death spiral” that critics say Wall Street might be orchestrating on purpose.
What’s next?
MSCI says it will accept feedback on the proposal until December 31, 2025, with a final decision coming in mid-January. Until then, the battle lines are drawn: Wall Street wants to force old definitions on a new asset class, while the Bitcoin community is betting that their collective cash and boycotts can force the establishment to back down.
