“Boycott JPMorgan” Trends Online After MSCI Delisting Concerns Target MicroStrategy
The hashtag #BoycottJPMorgan went viral earlier today as tensions escalated between Bitcoin supporters and JPMorgan following reports that MicroStrategy (MSTR) and several crypto-treasury companies may be removed from the major MSCI market indexes starting next year.
In a communication shared on Sunday (Nov 23), JPMorgan analysts warned that MicroStrategy faces a real risk of being excluded from MSCI’s primary indexes as the firm approaches a key decision date set for January 10.
“MicroStrategy is at risk of being removed from major indexes as MSCI’s January 10 decision draws near,” JPMorgan stated in its latest release.
MSCI’s Proposed Criteria Change Sparks Controversy
The controversy stems from indications within Morgan Stanley Capital International (MSCI) — the global index provider — suggesting it may begin excluding companies that hold substantial crypto assets on their balance sheets.
MicroStrategy, founded and led by Bitcoin maximalist Michael Saylor, has been one of the largest corporate holders of Bitcoin, accumulating billions of dollars worth of the asset. The firm is currently included in major stock indexes such as:
- Nasdaq 100
- MSCI USA
- MSCI World
However, MicroStrategy’s stock has seen steep price declines in recent months, reportedly dropping more sharply than Bitcoin itself. This divergence has raised concerns among index compilers regarding volatility and balance-sheet exposure.
MSCI’s proposed rule change would require any treasury company with 50% or more of its balance sheet in crypto assets to lose index eligibility, a shift that could have major implications for firms integrating Bitcoin into their corporate strategies.
Grant Cardone Joins the Protest, Pulls $20 Million from JPMorgan
The situation escalated after prominent Bitcoin advocate Grant Cardone publicly announced that he had withdrawn US$20 million from JPMorgan-owned Chase in response to the controversy.
“I just pulled $20 million from Chase and I am suing them for credit card crimes,” Cardone wrote on X, amplifying calls to boycott the financial giant.
Cardone’s statement added fuel to an already heated debate, further mobilizing Bitcoin maximalists who accuse JPMorgan and traditional financial institutions of attempting to suppress Bitcoin-aligned corporations.
Potential Market Impact: Forced Selling and Crypto Exposure Risk
If MicroStrategy is officially removed from the MSCI indexes, analysts warn it could trigger automatic sell-offs from index-tracking funds and institutional portfolios mandated to hold only approved equities.
This could:
- Increase downward pressure on MSTR shares
- Affect broader sentiment in Bitcoin-exposed equities
- Spark renewed debate over whether traditional finance is resisting corporate adoption of digital assets
The move would also mark one of the most direct regulatory-driven frictions between the crypto industry and established financial entities in recent years.
A Growing Divide Between TradFi and Bitcoin Corporations
For many observers, the controversy highlights the widening divide between traditional financial institutions — which prioritize regulatory stability and conservative balance-sheet models — and crypto-integrated companies seeking to push Bitcoin into mainstream corporate finance.
As the January 10 MSCI decision date approaches, industry analysts expect the debate to intensify, especially if more firms with Bitcoin treasury strategies become potential targets for exclusion.
