JPMorgan analysts said Strategy's BTC Monetization Program could let the company sell bitcoin to generate up to $1.25 billion for cash reserves and capital needs. The analysts said the policy creates avoidable two-way risk because Strategy could become both a bitcoin buyer and seller. Strategy holds about 4% of the total BTC supply and has acquired about $13.7 billion worth this year. The analysts said a stronger second half for crypto markets depends partly on Strategy rebuilding larger cash reserves and Congress approving the Clarity Act.