As one of the world’s largest banks, JPMorgan has closely examined the new sales policy of MicroStrategy, a company known for its institutional Bitcoin (BTC) acquisitions. Bank analysts noted that the company’s decision to sell selected assets to pay preferred stock dividends creates avoidable pressure on market dynamics. It was emphasized that this situation could damage investor confidence and make price movements more unstable.

MicroStrategy recently formalized a policy allowing Bitcoin (BTC) sales to strengthen its capital structure. Although the company set its cash reserve target to equal 12 months of dividends and interest expenses, JPMorgan argues that this period should be extended to 24 to 36 months. Currently holding $2.55 billion in reserves, the company can cover approximately 17 months of its obligations; however, analysts state this level is not sufficient to reassure investors.

MicroStrategy and Liquidity Balance in the Bitcoin Market

Led by Michael Saylor, the company is one of the market’s largest institutional players, holding 847,363 BTC on its balance sheet. While the company has made purchases worth approximately $13.7 billion since the beginning of the year, its occasional shift to the selling side directly impacts market liquidity and investor sentiment. According to JPMorgan, a massive buyer also taking on a seller’s role leads to unnecessary volatility in asset prices and could increase the company’s future borrowing costs.

In a period where demand for spot Bitcoin (BTC) exchange-traded funds (ETFs) in the US is weakening, such news of potential sales increases market pressure. While a record net outflow of $4 billion occurred from these funds in June, it was observed that even the small-scale sales made by MicroStrategy at the end of May created downward pressure on prices. Analysts state that for the market to strengthen in the second half of the year, the company needs to expand its cash reserves and regulatory clarity regarding crypto assets must be established.

JPMorgan Warns Top Bitcoin-Holding Company: Is a Sell-Off Starting for 847,000 BTC? isimli makale Fatih TAŞDEMİR tarafından hazırlanmış ve koinbulteni.comda yayınlanmıştır.