Wall Street bank JPMorgan (JPM) said Strategy's (MSTR) decision to allow selective bitcoin BTC$61,846.35 sales to fund preferred stock dividends has introduced avoidable "two-way" risk into crypto markets, increasing uncertainty and volatility. Earlier this week, Strategy formalized a policy allowing bitcoin sales to support preferred dividend payments when appropriate, while also authorizing preferred stock repurchases and share buybacks as part of a broader capital structure strategy. The company also set a minimum cash reserve target equal to 12 months of preferred dividends and interest expense. Its current $2.55 billion reserve covers roughly 17 months of obligations.