In a note published Friday, Standard Chartered's Geoff Kendrick wrote that the bank sees the sales as "mostly noise rather than a signal" of Bitcoin's medium-term direction, and kept its end-2026 forecast of $100,000.
Strategy’s mNAV issue Backing the STRC dividendWith the accumulation model stalled, Strategy is repurposing its Bitcoin as collateral for STRC, a perpetual preferred stock known as "Stretch" that pays a 12% annual dividend and has about $10 billion outstanding, per Standard Chartered.
Kendrick argued that clear communication is "key to reassuring markets that wholesale selling is unlikely," which should pull STRC back toward its $100 par and, in turn, ease pressure on Bitcoin. Because the stock is "heavily over-collateralised" by the Bitcoin behind it, he wrote, effective signaling could remove the need for Strategy to sell any more at all. The analyst noted that the reserve behind the dividend now holds $2.55 billion, almost a year and a half of coverage.
What the market thinks
