JPMorgan says Strategy’s bitcoin sales policy adds ‘two-way risk’ to crypto markets
The bank said Strategy’s bitcoin sales policy adds avoidable market uncertainty and should be replaced with equity issuance to build cash reserves.
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Summary
- JPMorgan said Strategy’s new bitcoin sales policy introduces “two-way” flow risk, adding uncertainty to crypto markets.
- The bank argued Strategy should hold cash reserves covering 24–36 months of dividend obligations, above its current 17-month buffer.
- Crypto sentiment could improve if Strategy expands reserves and Congress passes market structure legislation.
