Bitcoin Advocates Call for JPMorgan Boycott After Index Exclusions
Tension rose on November 23, 2025 after reports suggested Strategy and several crypto treasury firms would likely be left out of prominent market indexes, prompting a public backlash from Bitcoin supporters who called for a boycott of JPMorgan. Critics framed the move as a form of gatekeeping that could reduce visibility and liquidity for firms managing corporate crypto holdings, and urged clients and partners to shift banking relationships away from banks seen as excluding crypto players.
The dispute matters because index inclusion affects benchmarking, investor flows and whether treasuries can rely on mainstream financial plumbing. Advocates say a coordinated boycott could pressure banks to reverse exclusionary practices or accelerate treasury users toward alternative custodians and decentralized services. JPMorgan has not publicly commented on the index reports.