JPMorgan said Strategy’s new policy to monetize Bitcoin means the company can no longer be treated as a one-way source of BTC demand, raising the risk of both buying and selling shocks.
The bank tied that warning to Strategy’s stated ability to use Bitcoin for preferred dividends, bond interest, reserves and a $2 billion share and digital credit buyback.
Strategy recently sold 32 BTC between May 26 and May 31 to fund preferred stock dividends, a small transaction that still marked a behavioral shift for one of Bitcoin’s biggest corporate holders.
JPMorgan said the market impact will depend heavily on liquidity and ETF flows: strong inflows could absorb sales, while weak demand could magnify volatility and widen spreads across spot and derivatives markets.
The broader concern is psychological as much as mechanical—if traders start viewing Strategy as a recurring source of supply rather than a constant buyer, Bitcoin’s 2026 price outlook becomes less predictable.