Strategy Inc Bitcoin Sale Rumor Triggers JPMorgan Risk Warning

Speculation arose after a blockchain analysis showed 491 BTC leaving a wallet linked to Strategy Inc on July 1, a move valued at roughly $30 million. The transfer represents about 0.058 % of the company’s reported 847,363 BTC holdings, and Strategy has not confirmed whether it was a sale, a custodial adjustment, or an internal reallocation.

The company approved a new Bitcoin monetisation framework on June 29, permitting up to $1.25 billion in tactical sales to support preferred‑stock dividends and share buybacks. It previously sold 32 BTC in late May to fund those dividends, a tiny amount compared with its massive reserve.

JPMorgan analysts warned that the sale creates a "two‑way risk" for investors: the company could shift from a pure buyer to a net seller of Bitcoin, complicating valuation. With dollar reserves covering only about 6.3 months of dividend obligations, the bank advises funding future payouts through equity issuance rather than further Bitcoin sales.

Strategy still holds roughly 843,706 BTC at an average acquisition cost of $75,699 per coin, well above current market prices, resulting in paper losses of around $11.5 billion. Despite the concern, JPMorgan raised its 2026 Bitcoin purchase estimate for Strategy to $32 billion, indicating expectations of continued net buying.