Strategy Raises Cash Reserves to $3 Billion, JPMorgan Signals Positive Bitcoin Outlook

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According to JPMorgan analysts led by Nikolaos Panigirtzoglou, Strategy raised cash reserves to $3 billion between July 6 and July 12 through a $466.7 million share sale. The bank characterized the move as an encouraging signal for Bitcoin's outlook, as it provides roughly 20 months of preferred dividend coverage without forcing distressed asset sales. Strategy's Bitcoin holdings remained unchanged at 843,775 coins (approximately $53 billion in value), despite carrying $10.7 billion in unrealized losses this year. JPMorgan highlighted that strong institutional demand for Bitcoin futures, particularly through the Chicago Mercantile Exchange, persisted even as U.S. spot Bitcoin ETF flows turned negative, suggesting sustained conviction among sophisticated market participants.
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