Bitcoin Community Pushes Back as JPMorgan Unveils New BTC-Backed Notes
The Bitcoin community is firing back at JPMorgan following the bank’s announcement of new Bitcoin-backed structured notes, accusing the financial giant of adopting BTC treasury strategies while simultaneously supporting policies that could weaken them. Critics highlight JPMorgan’s promotion of an MSCI proposal that would remove crypto-heavy companies from major stock indexes—an action they believe could harm corporate Bitcoin holders and manipulate market dynamics.
JPMorgan Faces Growing Criticism Over New BTC Notes
JPMorgan’s plan to release a Bitcoin-linked structured note has sparked intense backlash among Bitcoin supporters and fans of Strategy, the largest publicly traded corporate holder of BTC. According to an SEC filing, the notes are expected to launch in December 2025 and will provide investors with 1.5x leveraged exposure to Bitcoin through December 2028—amplifying both potential gains and losses.
Although the bank frames the product as another step toward integrating traditional finance with digital assets, many Bitcoin advocates view it as a direct competitive threat to firms that hold Bitcoin on their balance sheets rather than offer synthetic or derivative exposure.
Critics Say JPMorgan Is Undercutting BTC Treasury Firms
Members of the crypto community argue that JPMorgan is positioning itself as a rival to Bitcoin treasury companies, gaining an incentive to weaken the reputation and liquidity of firms such as Strategy. Commentators on X noted that Michael Saylor’s high-profile adoption of Bitcoin as a corporate treasury reserve paved the way for Wall Street to enter the market—only for major institutions to now capitalize on that strategy while applying pressure to BTC-dependent companies.
Bitcoin advocate Simon Dixon warned that the bank’s new product could worsen sell-offs during downturns by increasing the likelihood of margin calls on Bitcoin-backed loans, adding more sell-side pressure during fragile market conditions.
Index Proposal Sparks Fears of Forced Bitcoin Selling
Tensions escalated further after MSCI introduced a rule change that would exclude companies with 50% or more of their assets in crypto from major stock indexes starting in January. JPMorgan highlighted the proposal in a November research note, prompting accusations that the bank was helping amplify a policy shift that disproportionately harms crypto-native treasury firms like Strategy.
If approved, the exclusion could block these companies from receiving billions in passive capital from index-tracking funds and pension allocations. Supporters argue this would pressure affected firms to sell significant portions of their Bitcoin reserves to regain index eligibility—potentially depressing BTC prices and handing an advantage to financial institutions that profit from synthetic Bitcoin exposure instead of holding the asset directly.
Bitcoiners Call for a Boycott of JPMorgan
Amid rising frustration, segments of the Bitcoin community are now urging a boycott of JPMorgan, encouraging users to close their accounts and sell JPMorgan stock. Many see the timing of the bank’s BTC-backed product and its circulation of the MSCI proposal as part of a coordinated effort to undermine companies that rely on Bitcoin as a core treasury reserve asset.
Supporters of Strategy and other Bitcoin-focused firms argue that traditional finance players are attempting to reshape the rules of the market to their advantage—pushing native BTC holders out of key financial indexes while offering their own Bitcoin-derived products to investors.
