JPMorgan

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MSTR

JPMorgan is facing renewed criticism from the Bitcoin community, this time over its plan to launch Bitcoin-linked leveraged notes.
The investment bank submitted a <a href="https://www.sec.gov/Archives/edgar/data/19617/000121390025114025/ea0266951-01_424b2.htm?utm_source=chatgpt.com" rel="noopener noreferrer nofollow">filing</a> to the US Securities and Exchange Commission (SEC) earlier this week to launch a type of leveraged investment product that is tied to the Bitcoin price.
It aims to give investors the opportunity to achieve 1.5x the gains or losses that BTC experiences through 2028, while also offering 30% downside protection. The notes are scheduled to launch in December.&nbsp;
But what seemed like another step toward mainstream adoption for Bitcoin has triggered the ire of Bitcoiners.
<h2 id="span-style-font-weight-400-jpmorgan-s-product-said-to-put-selling-pressure-on-bitcoin-treasury-firms-span">JPMorgan’s Product Said To Put Selling Pressure On Bitcoin Treasury Firms</h2>
Some say it puts the Wall Street banking giant in direct competition with BTC treasury companies and contend that the bank now has an incentive to marginalize companies like Strategy, the largest corporate BTC holder globally, to promote its own structured financial product.&nbsp;
Among the critics is BTC advocate Simon Dixon.
“The Financial Industrial Complex (FIC) has rolled out yet another speculative, leveraged paper product designed to wedge itself between you and your Bitcoin,” Dixon said on X.&nbsp;
<blockquote class="twitter-tweet">
 JP MORGAN APPLIES TO LAUNCH NEW BITCOIN-BACKED BOND
 The Financial Industrial Complex (FIC) has rolled out yet another speculative, leveraged paper product designed to wedge itself between you and your Bitcoin.
 The FIC is now openly testing a full suite of Bitcoin-linked… <a href="https://t.co/Hcb29vB3Po" rel="noopener noreferrer nofollow">https://t.co/Hcb29vB3Po</a> <a href="https://t.co/BWHrmgXgyt" rel="noopener noreferrer nofollow">pic.twitter.com/BWHrmgXgyt</a>
 — Simon Dixon (@SimonDixonTwitt) <a href="https://twitter.com/SimonDixonTwitt/status/1993637304825471310?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 26, 2025</a>
</blockquote>

He&nbsp; warned that JPMorgan’s notes could “trigger margin calls on Bitcoin-backed loans, force selling pressure from Bitcoin treasury companies in down markets, and create manufactured buying pressure in up markets so the FIC can position themselves long before the public even realises the game has begun.”
The timing of the announcement is also being scrutinized because Strategy’s stock has plummeted over 51% in the last six months and 18% in the past month.&nbsp; &nbsp;&nbsp;
<img src="https://insidebitcoins.com/wp-content/uploads/2025/11/Screenshot-2025-11-28-123355-300x166.png" alt="Strategy share price over the past 6 months" width="896" height="496">
Strategy share price over the past 6 months (Source: <a href="https://www.google.com/finance/quote/MSTR:NASDAQ?sa=X&amp;ved=2ahUKEwjPl7S-0pSRAxWGV0EAHTJsN60Q3ecFegQIOxAb&amp;window=6M" rel="noopener noreferrer nofollow">Google Finance</a>)
<h2 id="span-style-font-weight-400-bitcoiners-call-for-boycott-of-jpmorgan-span">Bitcoiners Call For Boycott Of JPMorgan</h2>
Bitcoiners started <a href="https://x.com/search?q=jpmorgan%20boycott&amp;src=typed_query" rel="noopener noreferrer nofollow">calling</a> for a boycott of the financial institution last week after its analysts warned in a research note that MSCI may drop Strategy’s MSTR from its indexes.&nbsp;A decision on the matter is expected by Jan. 15. 
There is speculation on X that JPMorgan’s warning is part of a bigger choreographed move to bring down Strategy and other Bitcoin treasury firms and then force investors to buy into products that the bank offers.&nbsp;
“So JP Morgan sells shares of MSTR, increases margin req. from 50-95%, pushes for Strategy’s exclusion from the MSCI index, has a history of manipulating BTC price, calls for lower price, waits for -35% drawdown and announces a Bitcoin backed bond,” wrote BTC advocate The Bitcoin Therapist in an X post to his more than 250K followers.&nbsp;
<blockquote class="twitter-tweet">
 So JP Morgan sells shares of MSTR, increases margin req. from 50-95%, pushes for Strategy’s exclusion from the MSCI index, has a history of manipulating BTC price, calls for lower price, waits for -35% drawdown and announces a Bitcoin backed bond.
 And this is just a coincidence? <a href="https://t.co/9lOzrdLqaQ" rel="noopener noreferrer nofollow">pic.twitter.com/9lOzrdLqaQ</a>
 — The ₿itcoin Therapist (@TheBTCTherapist) <a href="https://twitter.com/TheBTCTherapist/status/1993723526654902453?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 26, 2025</a>
</blockquote>

Meanwhile, Ran Neuner <a href="https://x.com/cryptomanran/status/1993975001800716365" rel="noopener noreferrer nofollow">believes</a> that JPMorgan, MSCI, and key political players “moved in sync” to pressure MSTR as part of a broader effort to target “Trump’s entire crypto ecosystem.”&nbsp;
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JPMorgan Under Fire From Bitcoiners Again, This Time Over BTC-Linked Notes

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