JPMorgan analysts concluded that Strategy would need to increase its dollar reserve substantially in order to restore market confidence in the financial model. The $1.44 billion buffer created in December 2025 had shrunk to $900 million by the end of May, which experts estimate will only cover 6.3 months of dividend payments and debt service - far short of the 12-24 month targets.

The situation was made worse by the first sale of bitcoins since the end of 2022: on June 1, the company sold 32 coins for about $2.5 million, channeling funds into payouts on preferred shares STRC. Although Strategy emphasized that the size of the reserve can change flexibly depending on market conditions, and asset sales are permissible under favorable circumstances, the market has taken the move as a signal of liquidity pressure.

JPMorgan noted that the positive dynamics of MSTR quotations in the second half of the year will depend on two factors: the transparency of the company’s financial strategy and the prospects for adoption of the CLARITY Act, which can clarify the regulation of crypto assets. Grayscale analysts previously made a similar assessment, calling the sale of Strategy’s Bitcoin a "stress test" of the debt-saving model.