JPMorgan: Strategy's Bitcoin Holdings Safe as Long as Enterprise Value-to-Bitcoin Ratio Remains Above 1.0

JPMorgan analysts believe that Strategy (formerly MicroStrategy), the world's largest institutional BTC treasury holder, can protect itself from selling Bitcoin by maintaining an enterprise value-to-Bitcoin ratio above 1.0. The current ratio stands at 1.13, and as long as it remains above 1.0, the market will gain confidence and signal that the worst is behind Bitcoin. A sell-off could accelerate Bitcoin price decline, but a $1.4 billion reserve fund for dividend and interest payments could prevent a forced sale.