Bitcoin Community Pushes Back Against JPMorgan’s Bitcoin Notes

The Bitcoin community is criticizing JPMorgan’s new Bitcoin-backed notes, saying the bank is causing fear and doubt about Strategy, the largest company holding Bitcoin, and other firms that hold crypto in their treasuries.

JPMorgan’s notes are an investment tied to Bitcoin’s price that amplifies outcomes, giving investors 1.5x the gains or losses. The product is set to launch in December 2025 and will run through December 2028.

Bitcoin advocate Simon Dixon said JPMorgan’s new product could create margin calls on Bitcoin-backed loans, potentially forcing Bitcoin treasury companies to sell their holdings during market downturns.

A Bitcoin supporter on X noted that Michael Saylor helped open huge bond and fixed-income markets, and now JPMorgan is launching Bitcoin-backed bonds to compete, copying the strategy while also criticizing MSTR.

Meanwhile, Crypto fans and supporters of Strategy are calling people on X to boycott JPMorgan by closing their accounts and selling any shares they own in the bank.

JPMorgan Criticised over MSCI Proposal Targeting Crypto Treasury Companies 

The criticism of JPMorgan started when MSCI, formerly Morgan Stanley Capital International, a company that manages stock indexes, proposed  a rule change to stop crypto treasury companies from being included in its indexes.

Starting from January 2026, MSCI plans to exclude crypto treasury companies that hold 50% or more of their assets in cryptocurrencies from its indexes. So far, 38 companies are on MSCI’s watchlist, including Strategy, Sharplink Gaming, and crypto miners Riot Platforms and Marathon Digital Holdings.

JPMorgan highlighted this proposal in a November research note, noting that MSCI considers companies whose main value comes from holding crypto rather than from running their businesses as unsuitable for traditional stock indexes.

If crypto treasury companies are removed from stock indexes, they could lose passive investment money and might have to sell some of their crypto to get back into the index, which could push crypto prices lower.