Strategy, Bitcoin Backers Call Boycott Against JPMorgan

• JPMorgan’s MSCI note led to a Bitcoin community boycott tied to index exclusion risks.
• Strategy faces potential MSCI removal as analysts warn of multibillion-dollar outflows.
• Cardone withdrawals, Mallers closures, and heavy MSTR trading shaped the week-long pressure.

A call for a boycott of JPMorgan has started across the U.S. Bitcoin community after the bank shared MSCI’s proposed index rule targeting crypto-heavy balance sheets. Supporters of Strategy: Michael Saylor, Grant Cardone, Max Keiser, and John Deaton have led the calls. They cited MSCI’s January 2026 plan and Strike CEO Jack Mallers’s account closures as triggers.

MSCI Rule Change and JPMorgan Link

MSCI outlined a proposal to exclude companies holding over 50 percent of crypto assets from its indexes. However, the change specifically affects Bitcoin treasury firms like Strategy. JPMorgan circulated this MSCI update through a research note issued last week. Consequently, the note placed the bank at the center of community criticism.

Bitcoin supporters quickly connected the move to the Operation Chokepoint 2.0 narrative. Notably, users recalled past reports of sudden compliance flags and account restrictions since 2017. Those reports intensified between 2020 and 2022 as the label gained wider use. Therefore, MSCI’s proposal revived earlier concerns within the same framework.

Strike CEO Jack Mallers also faced abrupt personal account closures during the same period. Supporters viewed this timing as part of the broader sequence of events. According to statements shared online, frustration grew within hours. Attention then shifted toward JPMorgan’s influence in spreading the MSCI notice.

Market Response and Boycott Momentum

Within 48 hours, calls for a full boycott of JPMorgan gained visibility online. Grant Cardone publicly stated that he withdrew $20 million from Chase accounts. He also announced legal action regarding alleged credit card malfeasance. Meanwhile, Max Keiser urged supporters to redirect attention toward Strategy and Bitcoin.

Several voices referenced earlier banking restrictions linked to Operation Chokepoint episodes. However, discussions remained focused on the current MSCI and JPMorgan developments. Bitcoin supporters also discussed possible retail-driven responses similar to the 2021 GameStop event. John Deaton suggested retail traders might rally if short positions appear evident.

Market chatter included claims that JPMorgan could be shorting MSTR shares. Critics also cited historical concerns regarding the bank’s links to Jeffrey Epstein. Congress had previously scrutinized JPMorgan over Epstein account oversight. Still, the immediate focus stayed on index exclusion risks.

Related: Strategy Inc. Faces Index Risk Amid Bitcoin Exposure Debate

Strategy Status and Financial Data

Strategy entered the Nasdaq 100 in December 2024, securing access to passive capital flows. This inclusion brought steady investment from funds tracking the index. However, MSCI’s proposal now threatens that position from January 2026. Michael Saylor addressed the matter on Friday following the MSCI announcement.

He said Strategy operates as a Bitcoin-backed structured finance company. Saylor stated that Strategy is not a fund, trust, or holding company. He noted that funds hold assets while Strategy creates and manages structured products. Therefore, he rejected passive classification under MSCI’s planned framework.

JPMorgan analysts estimated potential outflows of $2.8 billion for Strategy. They warned total withdrawals could reach $8.8 billion if others follow. Strategy shares fell below $200. Prices later dropped to around $170.

The stock previously peaked above $450 in mid-July. Year-to-date, Strategy has recorded a 41 percent decline. Over the past year, the stock fell roughly 57 percent. Traders continued monitoring the unfolding index exclusion impact closely.

Index exclusion could force automatic selling by funds bound to strict criteria. This process may affect wider crypto-linked equity markets. Market participants tracked these implications throughout the week. Discussion then returned to community boycott coordination efforts.

Supporters organised online threads and public statements to sustain visibility. However, they continued framing actions around MSCI’s proposed listing standards. In parallel, Strategy investors monitored price movements and trading volumes. Exchange data reflected heavy activity during late-week sessions.

MSCI has not issued a final ruling on the proposal. The index provider outlined January 2026 as the expected implementation period. JPMorgan analysts restated concerns about the Strategy’s exposure under new thresholds.

Meanwhile, the JPMorgan boycott calls, stock movement, and index policy concerns now define the current narrative for Bitcoin supporters. These events connect account closures, research notes, and trading pressure into a single timeline.