G’day Bitcoiner,

Here’s the week in Bitcoin treasuries.

⚔️ Saylor vs JPMorgan: Bitcoin’s First Bank vs Fiat’s Last Stand

JPMorgan is fighting to preserve its place in the new Bitcoin backed financial system under development.

Michael Saylor is busy replacing it.

On one side is Strategy (formerly MicroStrategy): the company transforming into the first Bitcoin-native bank, issuing bitcoin-backed credit, building a trillion-dollar BTC balance sheet, and treating Bitcoin as productive capital.

On the other side is JPMorgan:

• pushing MSCI to consider delisting Strategy,

• tightening margin on MSTR collateral,

• allegedly shorting the stock,

• debanking Bitcoin-native founders like Jack Mallers,

• carrying the legacy stain of being Jeffrey Epstein’s bank for years,
  while at the same time:

• forecasting $240K Bitcoin,

• and selling Bitcoin-linked structured notes to its private clients.

JPMorgan is trying to control an asset that undermines the very system it lives off.

😬 Why JPMorgan Suddenly Fears “Strategy”

Strategy is no longer just a tech company stacking sats.
It is becoming a Bitcoin-backed structured finance institution.

• ~650,000 BTC on the balance sheet

• $7.7B+ in bitcoin-secured credit instruments issued

• First-ever S&P credit rating for a Bitcoin credit program

In plain terms:

That is a direct threat to JPMorgan’s core functions:

• capital formation,

• credit creation,

• and risk intermediation.

So the legacy-defensive playbook activates:

• pressure the index providers,

• weaponise debanking,

• squeeze liquidity via margin,

• and inject fear into passive flows.

This is not regulation.
It’s incumbency protection.

🧠 Enter TD Cowen: Strategy’s Banker Calls Out JPMorgan’s Bluff

Here’s the detail the mainstream completely misses:
TD Cowen — Strategy’s own investment bank — rejects JPMorgan’s narrative outright.

While JPMorgan warns of forced outflows and index chaos…

👉 TD Cowen calls MSCI’s policy “misguided and arbitrary.”
👉 They reaffirm Strategy as an “attractive vehicle” for Bitcoin exposure.
👉 They set a $535 target for the stock.
👉 They expect Strategy to hold 815,000+ BTC by 2027.
👉 They call Strategy’s operations “groundbreaking” and “potentially revolutionary.”

TD Cowen isn’t just defending Strategy.
They’re underwriting the birth of a new category:
the Bitcoin bank.

This isn’t two banks disagreeing.
It’s two economic paradigms colliding.

🎭 The Hypocrisy: FUD in Public, Copy in Private

JPMorgan’s behaviour gives away the truth.

Publicly:

• “Bitcoin is dangerous.”

• “Strategy is too risky.”

• “Index providers should eject them.”

Privately:

• “Bitcoin to $240K.”

• “Here’s a Bitcoin note for upside participation.”

• “Here’s our NEW Bitcoin derivative that wins if BTC falls next year and explodes into 2028 — built on the same structured-credit logic Strategy pioneered.”

JPMorgan FUDs Strategy while reverse-engineering Strategy’s products in the back room.
This is not contradiction.
This is confirmation.

📊 Index Wars: When Benchmarks Stop Being Neutral

MSCI’s proposal to exclude companies with >50% of assets in digital assets is not about risk.
It is about maintaining fiat supremacy while attempting to control the move to Bitcoin.

A basic truth sits at the centre:

Corporations routinely hold:

• cash

• sovereign currencies

• treasuries

• gold

• commodities

• intangibles and goodwill

MSCI disqualifies none of these.
But Bitcoin — the world’s most liquid, auditable, 24/7 asset — is singled out.

Meanwhile MSCI itself holds 70% of its own balance sheet in intangible assets with no mark-to-market transparency.

Who’s really holding the “risky” asset?

TD Cowen is right:
👉 The rule undermines neutrality.
👉 It introduces volatility.
👉 It distorts reality.

Indexes exist to reflect the market,
not to police what form of money a company is allowed to save in.

🏦 The Takeaway: One Bank Is Fading. One Bank Is Forming.

If Bitcoin becomes the base layer of global corporate finance,
the most important bank of the future will not be the one closing accounts to protect its moat.

It will be the one opening new doors — built on Bitcoin, capitalized in Bitcoin, secured by Bitcoin.🧡🏦🧱

Short ₿its 🌟

🤠 Texas Goes Bitcoin

Texas just bought $5M of BlackRock’s Bitcoin ETF and is preparing another $5M buy that will be self-custodied—making it the first U.S. state openly building a sovereign Bitcoin reserve.

🚀 DDC Adds 100 BTC to Its Treasury Strategy

DDC just bought another 100 BTC during the market pullback, pushing its treasury to 1,183 BTC and doubling down on Bitcoin as its core reserve asset. With a 122% H2 Bitcoin yield and a disciplined accumulation strategy, DDC is quietly becoming one of the fastest-growing public Bitcoin treasury companies.

🇧🇴 Bolivia Goes Full Bitcoin

Bolivia just made a historic U-turn, integrating bitcoin and stablecoins directly into its banking system—letting banks custody Bitcoin and offer BTC-based savings, cards, and loans. Eighteen months after ending its ban, the country is now embracing Bitcoin as part of its financial future, with crypto adoption surging over 600%.

Tweet of The Week

Podcast of The Week

🎯 Simply Bitcoin Reveals the Truth Behind JPMorgan’s Attack

As Simply Bitcoin shows, JPMorgan didn’t FUD MSTR over “risk” - they did it because they were about to launch their own Bitcoin-leveraged structured product, directly competing with Strategy’s BTC-backed credit model. In other words: JPMorgan attacked Saylor because they were getting ready to copy him.

Thanks for reading! We hope you’ve enjoyed this week’s edition and look forward to seeing you next week! 👋

Daniel 

for Bitcoin on Balance

32 York Street, Sydney NSW 2000, Australia

https://www.bitcoinonbalance.com/