JPMorgan is facing renewed criticism from the Bitcoin community, this time over its plan to launch Bitcoin-linked leveraged notes.
The investment bank has one submit to the US Securities and Exchange Commission (SEC) earlier this week to launch a type of leveraged investment product tied to the Bitcoin price.
It aims to give investors the chance to capture 1.5x the gains or losses that BTC experiences in 2028, while also providing 30% downside protection. The launch of the notes is scheduled for December.
But what seemed like another step towards mainstream Bitcoin adoption has angered Bitcoiners.
JPMorgan’s product would put selling pressure on Bitcoin Treasury companies
Some say it puts the Wall Street banking giant in direct competition with BTC treasuries and battles that the bank now has an incentive to marginalize companies like Strategy, the largest corporate BTC holder in the world, to promote its own structured finance product.
Among the critics is Simon Dixon, supporter of BTC.
“The Financial Industrial Complex (FIC) has rolled out yet another leveraged speculative paper product designed to wedge itself between you and your Bitcoin,” Dixon said on X.
JP MORGAN APPLYS TO LAUNCH A NEW BITCOIN-BACKED BOND
The Financial Industrial Complex (FIC) has released yet another speculative 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 treasuries in declining markets, and create manufactured buying pressure in rising markets, allowing the FIC to position itself long before the public even realizes the game has begun.”
The timing of the announcement is also under scrutiny as Strategy’s shares have plunged more than 51% in the past six months and 18% in the past month.
Strategy stock 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 could drop Strategy’s MSTR from its indexes. A decision on the matter is expected on January 15.
There is speculation on
“So JP Morgan sells shares of MSTR, raises margin requirements from 50-95%, pushes for Strategy’s exclusion from the MSCI index, has a history of manipulating the BTC price, calls for a lower price, waits for a -35% drawdown, and announces a Bitcoin-backed bond,” BTC advocate The Bitcoin Therapist wrote in an X-post to his more than 250,000 followers.
So JP Morgan sells shares of MSTR, raises margin requirements. from 50-95%, calls for Strategy’s exclusion from the MSCI index, has a history of manipulating the BTC price, calls for a lower price, waits for a -35% drop 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 attack “Trump’s entire crypto ecosystem.”
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