JPMorgan Flags Two-Way Risk in Strategy’s $1.25B Bitcoin Monetization as Corporate Demand Shifts

JPMorgan has warned that Strategy’s updated Bitcoin monetization approach—described as a $1.25 billion plan—could introduce “two-way risk” for Bitcoin holders, according to reporting that also notes Strategy holds 847,363 BTC. JPMorgan’s concerns are echoed in coverage focusing on Strategy’s Bitcoin liquidation policy and its implications for investors ^{[1] [2]}.

Separately, Bitwise CIO Matt Hougan said Strategy’s period of dominating Bitcoin buying may be ending, suggesting that the next major corporate demand could come from other classes of buyers such as banks, advisers, and sovereign investors. Hougan’s comments frame a potential shift in which entities play the largest role in new BTC demand cycles ^{[3] [4]}.

The latest coverage centers on JPMorgan’s caution regarding Strategy’s Bitcoin sales/liquidation strategy and Hougan’s view that Strategy may be losing its place as the market’s primary corporate BTC buyer ^{[1] [4]}.