JPMorgan is facing backlash after closing accounts linked to crypto firms and warning of strategic risks for Bitcoin Treasury companies, fueling tension in the sector.
Summary
- JPMorgan closed the accounts of Strike CEO Jack Mallers, citing compliance, sparking outrage among crypto industry leaders.
- A research note warned that MicroStrategy could see a forced outflow if MSCI delists “digital asset treasury companies.”
- Crypto advocates urged JPMorgan clients to close accounts, underscoring the friction between the banking industry and crypto companies.
JPMorgan Chase & Co. has faced criticism from cryptocurrency industry figures following account closures and a research note on digital asset companies, according to public statements and social media posts.
Jack Mallers, CEO of Strike, a cryptocurrency payments company, revealed that JPMorgan Chase closed its personal accounts in September 2025, citing compliance issues without providing detailed explanations. Mallers shared an account closure letter on social media, saying the bank had ended a long-standing relationship.
The bank’s research arm separately issued a note warning that Strategy, formerly known as MicroStrategy, could face forced outflows as index provider MSCI Inc. will exclude “digital asset treasury companies” from its listings at the beginning of 2026. Strategy owns approximately 650,000 Bitcoin, according to company information.
JPMorgan is raising concerns in the cryptocurrency and stock markets
The research note raised concerns in the cryptocurrency and stock markets as Strategy’s business model is heavily dependent on Bitcoin ownership and market perception.
Cryptocurrency advocates, including Grant Cardone and Max Keizer, subsequently called on customers to close JPMorgan accounts. Several social media users claimed they had closed accounts in response to the developments.
Industry observers noted that the incident represents a point of tension between cryptocurrency-focused companies and traditional financial institutions. The bank has not commented publicly on the account closures and has not responded to calls for a boycott.
JPMorgan Chase could face impacts to deposit and transaction flows if account closures accelerate, although no withdrawal data has been made public. The bank’s shares traded at regular levels after the controversy.
The episode highlights the ongoing friction between established banking institutions and the cryptocurrency sector over account access and research coverage of digital asset companies.
