JPMorgan has expressed concerns over MicroStrategy's strategy of accumulating bitcoin through debt-financed purchases, warning that this could exacerbate a market downturn. MicroStrategy, which has acquired $2bn worth of bitcoin, aims to raise up to $592 million by selling debt. This move, according to JPMorgan, could lead to severe deleveraging if the market drops. MicroStrategy's average purchase price for their 205,000 bitcoin stash is $33,706 per bitcoin.