Michael Saylor’s company should first replenish its dollar reserves. We explain what else JPMorgan said about Strategy.
JPMorgan analysts stated that Strategy’s recent sale of 32 BTC▲$63,798.00 “spooked” the market, although they called the transaction “symbolic and voluntary.” In their view, to restore investor trust, the company may need to replenish its dollar reserves.
Hot topic: Bitcoin Bear Market Losses Put BTC’s Bottom Case to Test
JPMorgan’s Position on Strategy
The experts noted that Strategy’s current dollar reserves are sufficient for about 6.3 months of dividend payments. This has fueled investor concerns about potential further bitcoin sales.
“In our view, to restore confidence and reduce investor concerns that the company will sell more bitcoin to cover dividend payments, a replenishment of its dollar reserves may be needed,” JPMorgan analysts stated.
The bank maintains its expectation that Strategy will continue to increase its Bitcoin (BTC) position. If the company maintains its current pace, it could buy approximately $32B worth of bitcoin in 2026, up from a previous estimate of $30B.
Read more: What Is the Clarity Act and Why It Changing Crypto in 2026
A More Cautious Crypto Market Outlook
JPMorgan has revised its position on digital assets toward greater caution. Analysts note that bitcoin has traded below its mining cost for most of the year, currently around $87K. Additionally, capital inflows into the sector for 2026 are estimated at $22B, or about $52B annualized, which is nearly half the 2025 level.
According to JPMorgan, positive momentum in the second half will depend on two key factors:
- Clear explanations from Strategy regarding its $1.7B annual dividend payment funding
- Passage of the CLARITY Act
Analysts now put the odds of the CLARITY Act passing in 2026 at less than 50%.
Saylor’s Hint
Against the backdrop of JPMorgan’s report, Michael Saylor signaled a potential new bitcoin purchase. On Sunday, he posted on X: “A good time to add more dots,” alongside Strategy’s BTC accumulation chart.
Strategy CEO Phong Le supported the message, emphasizing the company’s strategy of increasing bitcoin per share.
Learn more: What Does Strategy Do? How Michael Saylor Built a Bitcoin Corporate Empire
