Strategy announced a Digital Credit Capital Framework that abandons its longstanding 'never sell' Bitcoin policy. The shift introduces a dynamic capital allocation model aimed at optimizing Bitcoin-per-share ratios and improving liquidity management.
JPMorgan issued a warning that Strategy's leveraged Bitcoin accumulation could transform the firm from a consistent buyer into a potential seller. The bank flagged risks to Bitcoin price targets ranging from $60,000 to $170,000, arguing that a forced deleveraging could amplify downside moves.
Bitcoin faces additional headwinds from weak market liquidity, even as ETF demand shows signs of returning. According to AMBCrypto, the Q3 price rally may encounter a liquidity test that could determine Bitcoin's near-term direction.
The policy reversal represents a significant strategic pivot for the company, which had previously positioned Bitcoin holdings as permanent. Critics argue that selling during market stress could undermine confidence in Bitcoin's role as a corporate treasury asset.