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Wall Street’s Godfather Enters the Bitcoin Game

First JP Morgan attacks Saylor's Strategy and then copies its products

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After years of public personal (Jamie Dimon) and corporate tantrums about Bitcoin, JP Morgan has done what every Wall Street titan eventually does: if they can’t kill it, they’ll try to colonize it and make profits from it. Classic banker energy: “We hate Bitcoin! … unless we can charge fees on it.”

So in recent months, the great battle among the Wall Street giants has basically been: “Who gets to milk the Bitcoin cow first?”

I’ve written before about how Wall Street narratives make Bitcoin trade like a “risk asset”, even though Bitcoin is about as risk-asset-ish as a bunker made of tungsten, and how Wall Street banksters and market makers can profit simply by pushing the price around.

They know where Bitcoin is going long term. They also know exactly how much demand they can unleash on a supply that’s harder than the skull of someone still buying shitcoins. So market positioning becomes the battlefield.

And honestly? The recent Bitcoin price stagnation and slump looks like a massive rotation: old-guard Bitcoiners (OGs) cashing in while “smart money” — Wall Street, institutions, sovereigns — loading the spring for the next launch sequence.

This is the first time in Bitcoin’s life that gigantic global money players are barging in with both elbows and give OGs the market depth and liquidity to sell 80.000 bitcoin a piece and barely moving the price. So yes, expect every market manipulation trick in the Wall Street cookbook. Legal, semi-legal, illegal-but-prosecuted-never — they will use it. This week’s MicroStrategy (MSTR) drama? That’s the free sample.

So, cue JP Morgan.
On Nov 20, they issue a public “warning” about MSTR — tanking both MicroStrategy stock and Bitcoin.
Then on Nov 26, they file a prospectus for their own Bitcoin-based structured product.

Translation for the non-bank fluent:
JP Morgan basically announced, loud and clear, that Michael Saylor is a fucking genius — and they’re stealing his homework.

But being the gentlemen they are, they’d also prefer as little competition as possible. And what better way to clear the field than reminding everyone they can move markets like Zeus throwing thunderbolts?

If Satoshi had created Bitcoin to replace banks, this is the moment the banks are saying, “Thanks. Anyway, we’ll take over from here.”

Poor Saylor, meanwhile probably felt like the guy who just got invited into Don Corleone’s smoky back room to hear the Godfather make “an offer you can’t refuse.” And the offer is:
“Nice Bitcoin strategy you have there. Mind if someone… replicated it with slightly more market power.”

Bitcoiners are square behind Saylor, of course. But I hope he and every treasury company now understands what game they’re in. No illusions. The puppeteers let you become the world’s largest publicly listed Bitcoin hoarder — congrats — but the music is now starting, and they expect you to dance.

These Wall Streeters are here to accumulate Bitcoin as cheaply as possible, ideally by scaring treasury companies, levered firms, or panicking traders into selling it to them. Do not forget they are gangsters.

So I asked AI to help me untangle the timeline — the warnings, the price moves, the filings — and explore how a giant bankster like JP Morgan could profit from this whole show.

Because once you see the playbook, the plot twist is obvious:

They’re not fighting Bitcoin anymore.
They’re fighting for Bitcoin. And as I wrote in my Bitcoindollar book, is this the path to a multi-million dollar bitcoin??

Timeline — key public events (Nov 2025 → Dec 2025)

Nov 20, 2025 — JPMorgan research/public warning about MSTR / MSCI

Nov 20, 2025 — JPMorgan public Form/FPW/communication (company site)

  • What: JPMorgan group posted a Form/FPW style corporate document summarizing related structured offerings and commentary (public investor communications).

  • Why it matters: Confirms JPM was publicly communicating product strategies / summaries in the same window.

  • Source: JPMorgan investor site static file dated Nov 20, 2025. jpmorganchaseco.gcs-web.com

~Nov 26, 2025 — JPMorgan files SEC prospectus/424(b)(2) for Bitcoin-linked structured notes

  • What: Filing for Auto-Callable Accelerated Barrier Notes linked to IBIT (iShares Bitcoin Trust). Multiple filings and industry writeups appear dated Nov 26, 2025. The structured-product filing outlines Upside Leverage 1.5×, Barrier 60%, Call Premium, maturity Nov 29, 2028, etc.

  • Why it matters: The filing makes the product terms public; it is the formal step before distribution. Product filings often precede distribution and hedging activity.

  • Sources: SEC 424(b)(2) prospectus page; industry writeups summarizing the filing (Nov 26, 2025). https://www.sec.gov/Archives/edgar/data/19617/000121390025114025/ea0266951-01_424b2.htm

I’ll outline below some scenarios showing how JPM’s business lines could produce outcomes critics call “attacks.” These are all possible and are the result of JPM’s position as a banking giant with a number of potentially conflicting interest arising out of the many branches/subsidiaries/controlled parts of the banking group — they do not prove intent.

A. Hedging flows that create selling or buying pressure

  • What it is: When JPM sells a derivative that pays based on IBIT, the bank hedges by trading the ETF or related futures/options. Large, repeated hedging trades — especially executed aggressively during low-liquidity periods — can move the ETF price (and through arbitrage, Bitcoin).

  • Why that matters for MSTR: MSTR’s equity is highly correlated to Bitcoin. Sizable selling pressure in IBIT/BTC can depress BTC, which can lower MSTR and possibly trigger margin-related deleveraging at bitcoin-levered firms. SEC+1

B. Product competition that diverts capital flows

  • What it is: JPM’s notes offer an alternative to direct Bitcoin exposure and to any retail/wholesale solutions MicroStrategy or its partners might be offering. If large pools of investors buy JPM’s note instead of buying MSTR equity or other products, that reduces demand for MSTR and may put downward pressure on its share price. Several news outlets and commentators have framed the new product as “competing” with MSTR. Decrypt+1

C. Research, public commentary, and index-related warnings

  • What it is: Banks publish research and risk notes that influence institutional allocation decisions (e.g., warnings about index inclusion/exclusion, analyses of liquidity risk). If JPM issues negative research or warns index providers about MSTR’s eligibility, index-tracking funds or institutional investors may reduce holdings, triggering visible share outflows. Recent reporting shows JPM circulated analysis warning of MSCI exclusion risks for MSTR and that this messaging coincided with market moves and community outcry. FX Leaders+1

  • Why it matters: Research is a legal channel for influencing markets — but when combined with trading positions it creates conflict-of-interest concerns.

D. Financing / margin and prime brokerage relationships

  • What it is: Large banks provide lending and prime brokerage facilities to institutional players. If the bank changes margin requirements, calls loans, or tightens financing, that can force leveraged Bitcoin holders to sell — pressuring BTC and related equities. Commentators have suggested that structured products could create squeezes or trigger margin calls in certain scenarios (these are allegations and speculative). Bitget+1

E. Index mechanics and rebalancing signals

  • What it is: JPM’s communications about indices (e.g., suggesting MSTR might be removed from MSCI) can trigger index rebalancing flows or anticipatory trading by funds that track those indices — potentially large and mechanically forced selling. Reporting notes that JPM warned of potential MSCI removal, and market participants discussed estimated outflows if that happened. FX Leaders+1

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