BlackRock’s ETF now owns 3.9% of all existing Bitcoin, more than Strategy.

Michael Saylor’s Strategy, the leading Bitcoin treasury company, now has a stock market cap worth less than the Bitcoin it holds.

A $1.44bn dividend reserve raises new concerns for shareholders of the bitcoin treasury company

A rule change could force Saylor's company to sell some of its $650 billion holdings—but crypto veterans say Strategy will be just fine.

BlackRock’s ETF now owns 3.9% of all existing Bitcoin, more than Strategy.

Strategy can likely avoid forced sales of its bitcoins if its keeps the its enterprise value to cryptocurrency holdings ratio above 1.0, per JPMorgan analysts.