JPMorgan is raising red flags over Strategy Inc.'s ability to keep paying its hefty dividends without selling more Bitcoin. The bank estimates the company needs to fund roughly $1.7 billion in annual dividend payments — and that could mean additional BTC sales in the second half of 2026, potentially weighing on the broader crypto market.
The dividend math
Strategy Inc. (MSTR) has been paying out dividends that, by JPMorgan’s calculation, total about $1.7 billion a year. That’s a big chunk of change for a company whose main asset is Bitcoin. The bank's analysts say the only realistic way to cover that cash outflow — without taking on more debt or diluting equity — is to sell some of the Bitcoin stash. That’s not a problem when BTC prices are soaring, but it creates a forced seller dynamic if prices stall or drop.
First sale since 2022
According to JPMorgan's analysis, Strategy Inc. already sold Bitcoin this year — the first time it has done so since 2022. The bank didn't specify the size of that sale, but the shift is notable. For years, the company—formerly known as MicroStrategy—was famous for buying and holding Bitcoin, never selling. That changed in 2026. The move suggests the dividend pressure is already starting to bite.
Market impact concerns
JPMorgan warns that further sales could “impact the crypto market’s performance” in the second half of the year. The bank didn't say how much BTC might be unloaded, but even a few thousand coins hitting the market can move prices. It’s not a panic — Strategy Inc. still holds a massive trove — but traders are watching. The timing isn't great: Bitcoin has been range-bound for weeks, and any supply overhang adds to the uncertainty.
What’s next
Strategy Inc. hasn’t commented publicly on the report. The company’s next earnings call is expected in early August, and investors will likely press for details on the Bitcoin sale and dividend strategy. For now, the market is left to wonder how much more BTC the company might need to sell — and when.
