Strategy has become one of the largest companies holding and purchasing Bitcoin, with 847,363 BTC on its balance sheet. Its aggressive accumulation strategy has made the company a major source of demand for the cryptocurrency, meaning any move toward selling the digital asset, even occasionally, could influence market liquidity, price dynamics, and investor sentiment by introducing a new source of supply.
Demand for spot Bitcoin exchange-traded funds (ETFs) in the United States, the largest source of institutional buying of crypto since their debut in 2024, has weakened sharply in recent months. Funds saw record net outflows of $4 billion in June after a 13-day redemption streak pushed year-to-date flows into negative territory for the first time.
The bank said Bitcoin came under pressure in late May and early June after Strategy revealed in a June 1 regulatory filing that it sold 32 BTC between May 26 and 31 to fund dividend payments. The selling added to pressure from a broader reassessment of the Federal Reserve’s interest rate expectations that had already weighed on bitcoin and gold.
JPMorgan noted that Michael Saylor’s strategy has become one of the largest buyers of Bitcoin, buying about $13.7 billion of the cryptocurrency since the start of the year, or about 70% of the bank’s estimate of total net inflows into the digital asset. The company holds approximately 4% of the total Bitcoin supply.
