- JPMorgan criticized Strategy's bitcoin sale policy.
- Analysts say it increases uncertainty for Bitcoin.
- They recommend larger cash reserves instead.
- Stronger reserves could reduce future selling pressure.
JPMorgan analysts believe Strategy's newly formalized Bitcoin sale policy introduces unnecessary risk into the crypto market by making the company both a major buyer and potential seller of Bitcoin.
The new BTC Monetization Program allows Strategy to sell up to $1.25 billion worth of bitcoin to fund preferred dividends, interest payments, share buybacks, and other corporate purposes.
While the company currently holds enough cash to cover roughly 17 months of dividend obligations, JPMorgan argues Strategy should increase that buffer to between 24 and 36 months by raising additional equity rather than selling bitcoin.
Because Strategy controls approximately 4% of Bitcoin's total supply and has been one of the largest buyers throughout 2026, analysts believe even the possibility of future sales could increase volatility across the broader crypto market.
JPMorgan added that rebuilding larger cash reserves and advancing U.S. crypto market structure legislation could improve investor confidence and potentially support a stronger second half for digital asset markets.
