Strategy may need to strengthen its dollar reserves to restore investor confidence following its recent sale of 32 Bitcoin, JPMorgan analysts said in a recent note.

While the transaction was intended to demonstrate flexibility in meeting obligations to preferred shareholders, analysts said it heightened concerns about whether future dividend payments could eventually require additional bitcoin liquidations.

The report estimates that Strategy’s existing cash reserve provides coverage for only about 6.3 months of preferred dividends, prompting calls for a larger liquidity buffer.

Nevertheless, JPMorgan continues to expect substantial Bitcoin accumulation from the company, forecasting roughly $32 billion in purchases during 2026 if current trends remain intact.

The bank’s outlook reflects growing skepticism about the crypto market’s near-term prospects. Analysts now assign less than a 50% probability to passage of the CLARITY Act this year, point to slower capital inflows across the sector, and see limited catalysts for meaningful outperformance from Ethereum and other altcoins.

Even so, they noted that the current pessimistic market backdrop could eventually emerge as a constructive contrarian indicator.