JPMorgan: Strategy May Need Dollar Reserve Rebuild; Crypto Bill Passage Below 50% This Year

According to The Block, JPMorgan analysts said on June 8 that Strategy may need to rebuild its dollar reserves to restore investor confidence following recent sales of 32 bitcoins that "spooked" the market. The firm's dollar reserves currently cover only about 6.3 months of dividend payments. Analysts turned cautious on digital assets, forecasting that crypto legislation passage this year has less than 50% probability.

Strategy currently holds 843,706 bitcoins with an average cost of $75,699, representing an unrealized loss of approximately $11.5 billion at current prices. Bitcoin traded below JPMorgan's estimated production cost of $77,000 for most of the period, with annualized digital asset inflows around $5.2 billion—half the 2025 level.