Pre-market trading for JPMorgan Chase & Co. (NYSE: JPM) appears steady, with the stock holding at around $298.68 (+0.22%), despite mounting pressure from the cryptocurrency community.
The bank finds itself in the eye of a backlash after high-profile crypto voices and firms accused it of targeting Bitcoin-focused entities and launched calls for a boycott.
Norably, the spark of the controversy came when Jack Mallers, CEO of Strike, revealed that JPMorgan Chase abruptly closed his personal accounts in September 2025, citing unspecified compliance concerns. Mallers shared a framed account-closure letter on X, pointing out a longstanding banking relationship that apparently ended without detailed explanation.
JPMorgan issues warning over Strategy
At the same time, the bank’s research division issued a note warning that Strategy (NASDAQ: MSTR) (formerly MicroStrategy), which holds around 650,000 Bitcoin at an average cost between $66,000 and $74,000 per coin could face forced outflows of up to $8.8 billion if major index provider MSCI Inc. chooses to exclude “digital asset treasury companies” from its listings by early 2026. The note triggered concern across crypto and equity markets, as Strategy’s business model is deeply intertwined with Bitcoin’s price and public perception.
The crypto community swiftly mobilised. Advocates such as Grant Cardone and Max Keiser called for customers to close accounts with JPMorgan, and multiple users claimed they had initiated account closures in protest.
The reputational cost for JPMorgan may rise if the boycott gains traction or if account data reveals mass client withdrawals. In such a scenario, the bank could face not only public relations disruption but actual deposit and transaction flow declines, a scenario that might eventually affect the stock’s valuation.
From a broader perspective, the episode marks a significant flashpoint in how crypto-native businesses and communities interact with incumbent financial institutions. When a major bank is seen to be involved in issuing account-closure letters or research that singles out digital-asset companies, the response can escalate fast and extend beyond mere rhetoric.
