The imminent launch of a structured product on bitcoin by JPMorgan is causing reactions. For part of the crypto community, this is not just a simple financial innovation, but a targeted offensive against actors like MicroStrategy. As bitcoin gains ground as a reserve asset, the divide between traditional finance and pro-BTC strategies becomes clearer. Behind the apparent neutrality of the markets, some denounce an attempt to influence aimed at weakening the companies most exposed to the asset.
In brief
- •JPMorgan’s launch of a bitcoin-backed structured product triggers a strong reaction in the crypto community.
- •Voices accuse the bank of indirectly targeting MicroStrategy and BTC-exposed companies.
- •The product, judged risky, could trigger margin calls and increase selling pressure on the market.
- •Meanwhile, JPMorgan supports a reform of MSCI indexes to exclude companies heavily invested in cryptos.
JPMorgan in the Crosshairs of Bitcoin Advocates
The announcement by JPMorgan of a new structured product linked to the bitcoin price has stirred a wave of criticism within the crypto community.
These are 1.5× leveraged notes, correlated to BTC performance, with maturity set to December 2028. This initiative is seen as contradictory by many observers, as JPMorgan has long been critical of bitcoin.
The outrage is even stronger because some see this as a disguised attack against iconic companies like MicroStrategy. “The same institutions attacking MicroStrategy are now adopting its strategy,” a user commented on X, summarizing the prevailing sentiment.
The criticisms have focused on several key points:
- •The problematic leverage: the product would allow institutional players to bet on BTC volatility without real commitment to the underlying asset.
- •A domino risk: some fear the tool could amplify market movements in bearish phases, generating increased selling pressure.
- •Indirect targeting of MicroStrategy: several voices agree that the goal is to trigger margin calls on BTC-backed loans held by companies like MSTR.
- •Calls for retaliation: in response, influential members of the crypto sphere are calling to close their accounts at JPMorgan and divest from its shares.
According to one critic, these financial instruments do not exist to diversify BTC exposure but to exert artificial selling pressure during downturns. This perception fuels distrust in an ecosystem already sensitive to attempts to regulate or even exclude Bitcoin strategies in the upper echelons of traditional finance.
A Systemic Threat to Crypto Treasuries?
Beyond the structured product itself, another front opened by JPMorgan is crystallizing concerns: its involvement in a proposal to reform MSCI indexes.
This would aim to exclude companies whose 50% or more of assets are denominated in cryptos. A measure that would directly affect MicroStrategy, whose bitcoin accumulation strategy is at the heart of its business model. According to an internal JPMorgan note, this exclusion could lead to significant passive outflows, with an impact estimated at $11.6 billion if extended to all affected indexes.
Michael Saylor, founder and executive chairman of MicroStrategy, defended his company against accusations of being an “inactive holding company.” He claims the company conducts active economic operations, with data analysis software and a clear bitcoin-focused strategy.
For him, the attempt to exclude amounts to punishing a company for its treasury management, even though it is transparent and consistent. This controversy raises a question: is there an attempt to disqualify bitcoin-friendly companies from major indexes, risking market imbalances? If exclusions become widespread, they could weaken an entire segment of institutional crypto strategy.
This case reveals a deep split between traditional financial institutions and advocates of decentralized finance. Beyond the MicroStrategy case, it questions the future of companies exposed to bitcoin in an ecosystem where power and influence dynamics increasingly shape the rules of the game.