JPMorgan has raised concerns about MicroStrategy's Bitcoin strategy, suggesting it could increase market volatility. The Wall Street bank noted that MicroStrategy's approach of selectively selling Bitcoin to fund preferred stock dividends introduces a "two-way buying and selling" liquidity risk, adding to the uncertainty in the crypto market. MicroStrategy, which holds approximately 847,000 BTC, accounting for about 4% of the total Bitcoin supply, has made cumulative purchases this year totaling $13.7 billion. This represents around 70% of net market inflows. JPMorgan analysts recommend that MicroStrategy raise common equity to extend its cash reserves coverage from 17 months to 24–36 months, reducing the risk of forced Bitcoin sales. The company's dual role as a major buyer and potential seller could amplify Bitcoin's volatility and increase its future financing costs.