JPMorgan's new Bitcoin notes have sparked public outrage, crypto world: suppressing DAT and still daring to reach out to earn.

JPMorgan ( ) filed with the U.S. Securities and Exchange Commission ( SEC) this week, planning to launch structured notes linked to Bitcoin. The news immediately sparked dissatisfaction among crypto world individuals and supporters of MicroStrategy ( Strategy). They questioned why traditional banks, which have often criticized the financial models of encryption reserve companies ( DAT), are now launching Bitcoin products themselves. Coupled with the recent controversy over MSCI index adjustments, this issue has further heated up.

JPMorgan pushes Bitcoin structured notes, triggering backlash from crypto world participants.

JPMorgan's structured note linked to Bitcoin is tied to the Bitcoin spot ETF: IBIT launched in collaboration with BlackRock (. This product will be observed until the end of 2026, and if the IBIT price is higher than the issuance price, the note will be redeemed early, allowing investors to receive a fixed return of 16%, which comes from the IBIT option premium.

If IBIT does not rise, it will be automatically extended until the end of 2028, enjoying higher potential returns. Assuming it is held all the way to 2028 and IBIT exceeds the ultimate target price set by JPMorgan, the reward will be magnified to 1.5 times the original increase, with no upper limit. This product is expected to be launched in December 2025 and will expire in December 2028.

Once the news broke, people in the crypto world and supporters of MicroStrategy expressed their dissatisfaction online.

The image illustrates the operational concept of JPMorgan's Bitcoin structured notes. MSCI plans to adjust index rules, causing controversy after JPMorgan shared this.

According to a previous report from the heavyweight index provider MSCI, DAT may exhibit characteristics similar to investment funds, which do not qualify for MSCI indices. MSCI recommends excluding DAT, which has cryptocurrency holdings accounting for more than 50% of its total assets, from the MSCI All Country Investable Market Index.

Subsequently, after JPMorgan shared this proposal in a research report in November, it sparked initial dissatisfaction among the crypto world and MicroStrategy investors, who are concerned that if DAT is excluded from the MSCI index, it would mean these DAT:

“The passive capital inflows from index funds and ETFs may be cut off, and some DAT may even be forced to reduce or sell their Bitcoin positions in order to meet requalification requirements, further increasing market pressure.”

These people therefore question whether JPMorgan's public sharing of this proposal is amplifying the market's pessimistic sentiment.

)JPMorgan: The MSCI index may kick out MicroStrategy, potentially triggering nearly $10 billion in capital outflow(

Community backlash intensifies, accusing JPMorgan of replicating MicroStrategy's model.

After JPMorgan launched the Bitcoin structured notes this week, it directly heated up the controversy, and people in the crypto world fired shots directly on Twitter )X(.

Many netizens have expressed that MicroStrategy CEO Michael Saylor has just opened the door for “the bond market and fixed income market to enter Bitcoin,” but now JPMorgan has launched a similar product, which is seen as direct competition, and even claims that JPMorgan is copying the MicroStrategy model.

) MicroStrategy founder responds to MSCI reclassification threat: We are not an ETF, we are Bitcoin capital innovators (

Suppressing DAT to promote its own products, netizens angrily call for selling stocks and closing accounts.

Bitcoin advocate Simon Dixon bluntly stated that this product from JPMorgan is designed to trigger a margin call mechanism with Bitcoin as collateral )Margin Call(, claiming that this will force Bitcoin DAT to sell coins and endure additional selling pressure when the market declines.

) Note: The margin call mechanism, also known as forced liquidation, refers to when an investor's margin account for financing stock or futures trading has a net value that drops below the maintenance margin level set by the broker due to losses. In this case, the broker will issue a margin call notification. If the investor is unable to replenish the margin within the specified time, the broker will forcibly sell the held positions to prevent further loss escalation. (

As emotions heat up, many netizens have started to call on Twitter )X( to close their bank accounts at JPMorgan, sell JPMorgan stocks, and criticize traditional financial giants for looking down on the financial models of Bitcoin reserve companies while simultaneously launching Bitcoin structured products and promoting their own offerings, which is simply double standards.

)JPMorgan launches a Bitcoin structured note: combining a four-year cycle, betting on a bull market in 2028(

This article discusses how JPMorgan's new Bitcoin notes have sparked outrage, with the crypto world stating: “Suppressing DAT but still daring to reach out for profits.” It first appeared in Chain News ABMedia.