Standard Chartered said Bitcoin near $64,000 is a “screaming buy” and kept its $100,000 year-end target, while arguing that concerns over Strategy’s recent BTC sales are more about investor messaging than balance sheet stress.
Standard Chartered Says Strategy Concerns Are “Mostly Noise”
Standard Chartered Head of Digital Assets Research Geoffrey Kendrick said recent fear around Strategy’s Bitcoin sales should not be viewed as a major threat to Bitcoin. He said the debate is tied to how Strategy explains its changing capital model after years of building a reputation around holding BTC.
Kendrick said, “I see what is happening at MSTR right now as a communication challenge, nothing more.” He added that Michael Saylor is trying to explain that the purpose of Strategy’s Bitcoin holdings has changed. In his view, the company’s BTC is moving from an accumulation asset into collateral supporting its STRC preferred stock.
The comments follow Strategy’s sale of more than 3,500 BTC, which raised concerns among some investors that the company could become a recurring Bitcoin seller. Strategy remains the largest Bitcoin treasury firm, holding 843,775 BTC after the sale.
Kendrick said those concerns are “mostly noise,” while keeping Standard Chartered’s $100,000 Bitcoin target for the end of 2026. He also said BTC near $64,000 is a “screaming buy,” along with MSTR stock trading near $94.
STRC Recovery Could Reduce Further BTC Sale Risk
Kendrick said Strategy’s STRC preferred stock is central to the market’s current concern. STRC is designed to trade near its $100 par value, but it dropped to an intraday low of $71.25 on June 26 after Strategy disclosed a smaller BTC sale from the prior week.
That sale challenged the company’s earlier “never sell Bitcoin” image. Kendrick said Strategy now needs to show markets that it can sell Bitcoin if needed, so investors accept that BTC can function as collateral for preferred share obligations.
He compared the situation with central bank guidance, where markets may stop testing a policy once they believe officials will do “whatever it takes.” In Strategy’s case, Kendrick expects STRC to recover toward its $100 par value if investors accept the new collateral framework.
Strategy’s $2.55 billion cash buffer can cover about 17.4 months of STRC dividend payments, Kendrick said. That reserve could reduce the need for more Bitcoin sales if STRC stabilizes and the market accepts the company’s funding model.
The analyst’s view is not without risk. Strategy’s Bitcoin position remains large, and any further sales could affect sentiment because the company holds a meaningful share of BTC supply. However, Kendrick’s argument is that the risk is being overstated relative to the company’s available liquidity and collateral base.
Bitcoin Rebounds From Bear-Market Low
Bitcoin rose more than 2% over the past 24 hours and tried to hold above $64,000, though it met resistance near $65,000. The move followed a rebound from last week’s bear-market low of about $57,700.
CryptoQuant said Bitcoin recovered around 11% from that low and reclaimed $60,000 as a key support and pivot level. The firm also noted that July has often been a stronger month for Bitcoin, including gains during past bear-market years such as 2018 and 2022.
Source: CryptoQuant
Demand data has also improved from weak June levels. CryptoQuant said total demand recovered from a contraction near 650,000 BTC in early June toward neutral, while speculative futures demand turned slightly positive and spot selling slowed.
U.S. investor demand also improved, with the Coinbase Premium Index recovering from deeply negative levels to -0.062 as Bitcoin bounced from the $57,000 area. Still, CryptoQuant said conditions remain highly bearish because the Bull Score Index is only 20, while a reading above 60 is needed for a sustainable bull market.
