JPMorgan Under Fire From Bitcoiners Over BTC-Linked Notes

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 filing 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. 

But what seemed like another step toward mainstream adoption for Bitcoin has triggered the ire of Bitcoiners.

JPMorgan’s Product Said To Put Selling Pressure On Bitcoin Treasury Firms

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. 

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. 

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… https://t.co/Hcb29vB3Po pic.twitter.com/BWHrmgXgyt

— Simon Dixon (@SimonDixonTwitt) November 26, 2025

He  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.    

Strategy share price over the past 6 months (Source: Google Finance)

Bitcoiners Call For Boycott Of JPMorgan

Bitcoiners started calling 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. 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. 

“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. 

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? pic.twitter.com/9lOzrdLqaQ

— The ₿itcoin Therapist (@TheBTCTherapist) November 26, 2025

Meanwhile, Ran Neuner believes 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.” 

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