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Standard Chartered maintained its 2026 year-end price target of $100,000 for Bitcoin, describing $BTC, currently trading around $64,000, as an “extremely strong buying opportunity.”
According to The Block, Geoffrey Kendrick, Global Head of Digital Asset Research at Standard Chartered, stated that the recent selling pressure on Bitcoin stemmed not from a weakness in Strategy’s balance sheet, but from the company’s failure to adequately communicate its strategic shift to the market.
In a note to his followers, Kendrick stated, “I see what’s happening at Strategy right now as simply a communication issue.” According to the analyst, the company is shifting from its long-standing “never sell Bitcoin” approach to a more complex strategy.
In Strategy’s new approach, Bitcoin serves as collateral for the company’s perpetual preferred stock, STRC. Operating like a loan product, STRC offers an annual dividend yield of 12 percent. Dividends are paid twice a month in cash, while the interest rate is adjusted monthly to incentivize STRC to trade near its nominal value of $100.
With a nominal value of approximately $10 billion, STRC is the largest financial instrument offered by Strategy.
According to Standard Chartered, the negative feedback loop between Strategy’s actions and the Bitcoin price began after STRC sharply deviated from its infinitive value. STRC fell as low as $71.25 during the day on June 26th.
This divergence reportedly began after Strategy announced on June 1st that it had sold 32 Bitcoin the previous week. The fact that STRC is still trading around $90 indicates that the market is not yet fully convinced of the company’s new strategy.
Strategy’s dollar reserves held to pay STRC dividends amount to $2.55 billion. This figure is large enough to cover approximately 17.4 months of dividend payments.
Strategy had announced a cash-out program that would allow it to sell Bitcoin from time to time to replenish its reserves, with the expectation of generating up to $1.25 billion in revenue.
According to Kendrick, if the company properly explains this new regulation to the market, it could support the STRC price and eliminate the actual need for Strategy to sell Bitcoin.
The analyst likened this mechanism to a central bank declaring it will “do whatever it takes.” Kendrick stated that if the commitment is sufficiently convincing, the company might not actually have to sell.
Standard Chartered argued that, thanks to Bitcoin collateral, STRC is highly collateralized and should return to its nominal value of $100.
Kendrick expects a recovery in STRC to happen soon, thus limiting further selling pressure on Bitcoin. The analyst considered the current developments as short-term “noise” rather than a signal that changes Bitcoin’s medium-term outlook.
While Standard Chartered maintains its year-end 2026 target of $100,000 for Bitcoin, Kendrick described the $BTC price, currently around $64,000, as “screaming bullish.”
*This is not investment advice.