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Contents
Strategies Adjustments Bitcoin Strategies
Not everyone holds the same view. Standard Chartered Bank maintains its forecast for Bitcoin prices, believing that bitcoin prices will reach US$100,000 by the end of 2026. The financial institution believes Strategy sold Bitcoin due to poor communication rather than weak fundamentals. Strategy reduced its holdings of 3588 bitcoins in one of its largest single transactions, worth approximately $216 million. Strategy's permanent preferred stock, STRC, fell to $71.25 on June 26, putting downward pressure on Bitcoin prices. Bitcoin prices then rebounded to above $64000, rising more than 2% during the trading session.
Bitcoin prices fell sharply from $80000 to $60000 after Strategy disclosed on June 1 that it had cleared 32 bitcoins last week. The news caused shocks in the cryptocurrency market and led to widespread panic selling.
Bitcoin Price
Jeffrey Kendrick, global head of digital asset research at Standard Chartered Bank, dismissed the negative market reaction. He believes the decline stems from Strategy's "poor communication" rather than any weakness in Bitcoin fundamentals. Strategy currently holds 843775 bitcoins, firmly ranking as the world's largest institutional bitcoin holder. The company has always adhered to the principle of "never selling Bitcoin" and relied on debt financing and equity issuance to continue to accumulate.
Standard Chartered called the $64000 bitcoin "a screaming buying opportunity" and maintained a target price of $100,000. According to The Block, Jeffrey Kendrick, head of digital asset research at Standard Chartered Bank, said recent concerns surrounding Strategy reflect communication issues rather than balance sheet issues. This acquisition model proved effective when Strategy's market valuation (measured by its mNAV ratio) was well above 1.0. The company could issue new shares, use the proceeds to buy Bitcoin, and create greater value than the dilution caused by issuing shares.
Strategy adjusts Bitcoin strategy
Today, as the mNAV ratio drops to around 1.0, the previous strategy has expired. Strategy is restructuring its bitcoin reserves to support its permanent preferred stock instrument STRC, which pays 12% per annum. With a nominal value of approximately US$10 billion, STRC is Strategy's most important financial product. The security has fallen sharply from its face value of $100, hitting an intraday low of $71.25 on June 26 and currently hovers around $90. Strategy has launched a monetization framework that will regularly liquidate some of its Bitcoin positions, including plans to raise up to $1.25 billion for its dividend reserve fund. The company's current total U.S. dollar reserves are $2.55 billion, enough to pay approximately 17.4 months of dividend obligations. Kendrick said transparent communication of the strategy should eliminate uncertainty surrounding the future disposal of Bitcoin. He compared it to the central bank's forward-looking guidance and emphasized that the $64000 Bitcoin deal was a "screaming buying opportunity."
Not everyone shares the same view.
JPMorgan Research analysts warned that establishing a formal Bitcoin sales plan would introduce "avoidable two-way risks" that would make Strategy both a buyer and a seller in the market. Zach Pander, director of grayscale research, puts forward a different perspective. He believes that these sales actually strengthen Strategy's financial position and help lay a more sustainable foundation for Bitcoin prices. Strategy's latest transaction involves the sale of 3588 bitcoins for approximately $216 million, making it the company's largest bitcoin sale to date. As of press time, bitcoin trading prices were close to $63971, up 1.5% from the past 24 hours. Strategy shares were basically flat, closing at around $93.99.
