A significant controversy is erupting within the financial and cryptocurrency sectors following a proposed policy change by MSCI, a major index provider. This potential shift, initially highlighted by JP Morgan, has ignited a strong backlash from the Bitcoin community and companies holding substantial crypto assets, sparking calls for boycotts and intense debate over market inclusion.
The Impending Policy Shift and Its Ramifications
MSCI is reportedly considering excluding companies with 50% or more of their balance sheet in crypto assets from its indices, with an anticipated implementation in January 2026. This move could trigger a massive, automatic sell-off of shares from affected companies by institutional funds mandated to track these indices, potentially causing widespread disruption. Such a policy would force impacted companies to either drastically reduce their crypto holdings to meet the threshold or forfeit the crucial passive capital flows derived from index inclusion, with analysts warning of possible negative repercussions across the broader cryptocurrency market.
Community Outcry and MicroStrategy's Defense
The news, disseminated through a JP Morgan research note, quickly fueled outrage within the Bitcoin community, leading to calls for a "boycott" of the banking giant. Prominent figures like investor Grant Cardone and advocate Max Keiser urged action against JP Morgan while advocating support for companies like MicroStrategy. In response to the proposed changes, MicroStrategy founder Michael Saylor defended his company's structure, asserting that it is a "Bitcoin-backed structured finance company," not merely a passive fund, trust, or holding company. Saylor's argument aims to differentiate MicroStrategy's operational model, suggesting it should not fall under the proposed exclusion criteria despite its significant Bitcoin treasury.
