Bitcoiners accuse JPMorgan of rigging the game against Strategy, DATs

The financial services giant has filed with the US Securities and Exchange Commission to launch a leveraged BTC financial product.

Members of the Bitcoin community and supporters of Strategy, the largest corporate holder of BTC, are criticizing JPMorgan’s proposed Bitcoin-backed notes, accusing the bank of spreading fear, uncertainty and doubt about Strategy and other crypto treasury firms.

JPMorgan’s notes are a leveraged investment product tied to the price of Bitcoin (BTC). The product tracks BTC but amplifies the outcome, giving holders 1.5 times the gains — or the losses — through December 2028. The notes are slated for a December 2025 launch, according to an SEC filing. 

The move drew sharp criticism from the Bitcoin community, with many saying that JPMorgan is now a direct competitor to BTC treasury companies and has an incentive to marginalize companies like Strategy to promote its own structured financial product.

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