“Boycott JPMorgan”, Strategy, and MSCI Index: What’s Going On?

Another well-known BTC supporter, Max Keiser, encouraged people to “Crash JP Morgan and buy Strategy and BTC.” Online, calls to boycott JP Morgan began spreading fast.

Many Bitcoin supporters have long believed that big banks criticize Bitcoin in public while quietly building their own blockchain systems in the background. This has created distrust that helped fuel the latest backlash.

They also believe that banks are using the idea of blockchain to create their own centralized version of digital assets, which defeats the entire purpose of Bitcoin: its decentralization and resistance to manipulation and censorship.

Strategy’s executive chairman Michael Saylor has made several public statements defending the company. He said that Strategy should not be seen as just a company that owns bitcoin. He explained:

“Strategy is not a fund, not a trust, and not a holding company. We’re a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital.”

Saylor stressed that Strategy raises capital, builds financial products, and is actively creating new Bitcoin-backed financial tools, something he says traditional funds do not do. Saylor highlighted that no passive fund or holding company can match what Strategy has achieved.

Even though Saylor is confident in the company’s future, Strategy has been facing strong market pressure. The stock price has dropped more sharply than bitcoin, and this has made investors nervous.

Strategy’s business model works best when its stock trades at a higher value than the bitcoin it owns, because that allows the company to raise money more easily without hurting existing shareholders.

This metric, comparing the value of the company’s shares to its bitcoin holdings, is called mNAV.

As the stock price falls closer to the value of its bitcoin holdings and mNAV approaches 1, that becomes more difficult.

Despite the recent market drop, Strategy’s massive bitcoin investment is still profitable. The company holds more than 649,000 BTC at an average cost of about $74,000 per coin. Even with the price pullback, the position remains in profit.

However, analysts warn that if MSCI removes Strategy from major indexes, it could force large funds to sell the stock. This could trigger even more selling and push BTC and Strategy’s stock prices lower as well.

While some investors are worried, many in the Bitcoin community are using the situation to reinforce their long-term belief in bitcoin.

The movement, driven by #BoycottJPM and #BoycottJPMorgan hashtags on X, has continued to grow, as many users encourage people to move money away from traditional banks.

In the meantime, Michael Saylor also made his position clear, posting:

“I Won’t ₿ack Down.”