🇺🇸 JPMorgan believes that Strategy may need to replenish its USD reserves to stabilize market confidence.
Recently, Strategy's move to sell 32 BTC, though modest, has raised market concerns. JPMorgan considers this more of a "symbolic operation" aimed at showcasing the company's financial flexibility to preferred shareholders.
However, Strategy's current USD reserves are only enough to cover about 6.3 months of dividends, leading the market to worry that the company may continue to offload Bitcoin to meet its financial obligations.
Analysts point out that Strategy may need to bolster its cash reserves to alleviate investor sentiment pressure and enhance market trust in its long-term BTC strategy.
Despite this, JPMorgan still expects Strategy to keep accumulating BTC. At the current pace, the company could accumulate around $32 billion in Bitcoin by 2026.
Meanwhile, JPMorgan has also lowered its expectations for the U.S. to pass the crypto market structural bill this year, indicating that the inflow of funds into the crypto market in 2026 is already significantly lower than in 2025.
Notably, JPMorgan believes that the prevailing bearish sentiment in the market might itself be a signal for the next stage of "contrarian bullishness."
$BTC
Recently, Strategy's move to sell 32 BTC, though modest, has raised market concerns. JPMorgan considers this more of a "symbolic operation" aimed at showcasing the company's financial flexibility to preferred shareholders.
However, Strategy's current USD reserves are only enough to cover about 6.3 months of dividends, leading the market to worry that the company may continue to offload Bitcoin to meet its financial obligations.
Analysts point out that Strategy may need to bolster its cash reserves to alleviate investor sentiment pressure and enhance market trust in its long-term BTC strategy.
Despite this, JPMorgan still expects Strategy to keep accumulating BTC. At the current pace, the company could accumulate around $32 billion in Bitcoin by 2026.
Meanwhile, JPMorgan has also lowered its expectations for the U.S. to pass the crypto market structural bill this year, indicating that the inflow of funds into the crypto market in 2026 is already significantly lower than in 2025.
Notably, JPMorgan believes that the prevailing bearish sentiment in the market might itself be a signal for the next stage of "contrarian bullishness."
$BTC