JPMorgan Increases Pressure on Strategy and Other DATs Amid Possible Exclusion from MSCI Indices
Date: 2025-11-25 Author: Gabriel Deangelo Categories: BUSINESS
A new wave of tension has erupted in the cryptocurrency space following the announcement that MSCI is considering removing digital treasury companies (DATs), including Strategy, from its stock indices in early 2026. The conflict stemmed from a JPMorgan research note claiming that Strategy and similar companies could face significant capital outflows if they are excluded from the indices. VanEck estimates that the potential sell-off for Strategy alone could reach nearly $3 billion, with total outflows across the DAT market reaching approximately $8.8 billion.
These statements sparked a heated reaction among both investors and Bitcoin supporters. Many in the crypto community interpreted JPMorgan's publication as an attempt to pressure companies that actively use Bitcoin as part of their treasury policies. Some users even reported closing their accounts with the bank in protest against the "attack on MSTR shareholders."
Statements from prominent Bitcoin supporters only intensified the debate. Grant Cardone publicly announced that he had withdrawn $20 million from JPMorgan and intended to sue the bank, accusing it of abuse. Max Keiser called on users to "punish" the bank and support Strategy, while entrepreneur Fred Krueger stated that the situation reflects a deeper conflict between the crypto industry and traditional banking.
In the fall, MSCI notified the market that it was holding a consultation to review the status of companies with more than half their balance sheets in cryptocurrency. The possible exclusion of such companies could trigger automatic selling by index-tracking funds, adding to the pressure on the market.
Amid criticism of MSCI, Strategy founder Michael Saylor issued a detailed explanation of the company's position. He emphasized that Strategy is a fully-fledged operating entity, not a fund or trust. The company is developing a software business while simultaneously using Bitcoin as the foundation of its financial strategy. Saylor noted that in 2025, Strategy launched several series of digital lending instruments and also introduced a new product, Stretch, a Bitcoin-backed treasury instrument with dollar-denominated yield.
Despite deteriorating analyst forecasts at the end of the year and a decline in the Bitcoin premium, Strategy posted significant net profit in Q3 – $2.8 billion. Although Bitcoin's price fell below $81,000 in November, Saylor stated that the asset's volatility is gradually decreasing, and the company is capable of withstanding significant market downturns. He reiterated that Strategy is moving toward its goal of becoming the first digital monetary institution, maintaining a long-term view and commitment to Bitcoin.
