JPMorgan stated in its latest report that, although Strategy's previous sale of 32 Bitcoin was limited in scale, it sparked market concerns about whether it might continue to sell Bitcoin in the future to pay preferred stock dividends.

Analysts pointed out that Strategy's current US dollar reserves can only cover approximately 6.3 months of dividend payments, and it may need to rebuild its dollar reserves to restore investor confidence.
The bank also shifted its view on digital assets from previously optimistic to cautious, believing that the market performance in the second half of the year will depend on whether Strategy can clarify its funding arrangements for approximately $1.7 billion in annual dividend payments, and whether the U.S. Crypto Market Structure Act (CLARITY Act) can be passed; JPMorgan currently believes the probability of the bill passing this year is below 50%.
(The Block)