Strategy May Sell Bitcoin to Support Its Stock as JPMorgan Flags Two-Way Crypto Risk

Strategy, formerly MicroStrategy, is the world's largest publicly traded corporate holder of bitcoin. Its long-running purchases funded through share sales and debt issuance have made it a major source of structural demand in the crypto market. Now that the company has established a formal mechanism for monetizing its holdings, investors must weigh not only its buying power but also the potential supply pressure from bitcoin sales.

Strategy said on June 29, 2026, that its board had authorized a “BTC Monetization Program” allowing the sale of up to $1.25 billion in bitcoin. Its U.S. dollar reserve stood at $2.55 billion as of June 28. JPMorgan warned on July 2 that the move created avoidable two-way risk, adding that cash reserves and progress on U.S. crypto legislation would shape the market's direction in the second half of the year.