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3 min read
Standard Chartered remains steadfast. The bank maintains its $100,000 target for Bitcoin by the end of 2026, and its Global Head of Digital Asset Research, Geoffrey Kendrick, is not changing his stance. Even after Strategy sold 3,588 BTC, Kendrick views BTC at $64,000 as “an obvious buy.” No panic. No downward revision.
The question is why Strategy is selling. And that is more complicated.
Strategy Sells Bitcoin — Market Caught Off Guard
Strategy, the largest corporate holder of Bitcoin with 843,775 coins in its portfolio, is slowly moving away from its historical stance of never selling. For years, the company built its identity around pure accumulation. Now, it uses BTC to support the STRC — a perpetual preferred stock that pays an annual dividend of 12%, reset monthly to stay close to its nominal value of $100.
The problem? Strategy sold 32 BTC at the beginning of June. Not much in volume, but it was enough. The STRC dropped below its nominal value, hitting an intraday low of $71.25 on June 26. The market didn’t understand what was happening. And according to Kendrick, that’s exactly the crux of the issue: not financial deterioration, but a lack of communication from Strategy about this strategic shift. The STRC is now trading near $90, with a USD reserve for dividends amounting to $2.55 billion — covering 17.4 months.
It remains solid on paper. But perception has taken a hit.
The Sale of 3,588 BTC: $216 Million for What Purpose?
The recent sale of 3,588 BTC is the largest made by Strategy to date. It raised approximately $216 million. These funds are directly used to finance preferred stock distributions and replenish reserves. Essentially, Strategy is selling Bitcoin to pay STRC holders and keep the mechanism alive.
Kendrick sees this differently from the market. For him, BTC is over-collateralized in this setup, and the STRC should return to $100. The monetization program — which allows Strategy to sell BTC in a controlled manner — is presented as a solution to current tensions, not a red flag.
But not everyone is convinced. Analysts at JPMorgan pointed out that Strategy is becoming both a buyer and a seller in the Bitcoin market. A two-way risk, which they deem avoidable. The company that built its reputation on pure accumulation now finds itself playing both sides. It changes the dynamics. Not radically, but it changes.
Strategy’s shares are trading around $98, close to the nominal value of the STRC. Bitcoin, meanwhile, exceeds $64,400 on Friday. Both hold. For now.
Standard Chartered Remains Bullish
Kendrick is not backing down from his target. $100,000 by the end of 2026 — that’s Standard Chartered’s official forecast, and Strategy’s sale doesn’t change it. For him, the recent weakness of BTC and the STRC stems from a communication issue, not broken fundamentals.
The STRC mechanism itself is designed to absorb shocks. The 12% dividend adjusted monthly, the $2.55 billion reserve, the 17.4-month coverage — all aim to reassure holders that market fluctuations don’t break the system. Strategy just needs to better explain what it’s doing and why.
Probably true. But the market reacts first, understands later.
What remains unclear is how Strategy will manage long-term perception. Selling BTC to fund a complex structured product is a bet on the ability to communicate clearly in a market that doesn’t like surprises. The $2.55 billion reserve holds. The 843,775 BTC in the portfolio is massive. And Bitcoin at $64,400 on Friday, with a Standard Chartered target of $100,000, leaves considerable room.
Frequently Asked Questions
What is Standard Chartered’s Bitcoin price target?
Standard Chartered, through its Global Head of Digital Asset Research Geoffrey Kendrick, maintains a $100,000 target for Bitcoin by the end of 2026.
Why did Strategy sell 3,588 BTC?
Strategy sold 3,588 BTC to raise approximately $216 million, intended to finance STRC preferred stock distributions and replenish its dividend reserves.
What is Strategy’s STRC?
The STRC is a perpetual preferred stock issued by Strategy, with a nominal value of $100 and an annual dividend of 12%, reset monthly. Strategy uses its Bitcoin reserves to support this mechanism.
