Standard Chartered says Bitcoin could climb from around $64,000 toward $100,000 once markets grasp Michael Saylor's shift in how Strategy Inc. uses its bitcoin. The bank frames recent selling pressure as confusion over the strategy, not a change in bitcoin's long-term outlook.
Standard Chartered argues bitcoin could rise toward $100,000 from around $64,000 if markets understand Michael Saylor's new approach at Strategy Inc. The bank's global head of digital assets research, Geoffrey Kendrick, explained the shift on July 10: instead of expanding reserves through debt and equity, the company is repositioning its holdings as collateral for financial products.
Why the strategy shift rattled the market
The change centers on Strategy Inc.'s STRC preferred stock, a credit product backed by bitcoin. Kendrick noted that MSTR's market value roughly matches its bitcoin holdings, meaning its mNAV sits close to 1.0, which leaves the company less room to issue equity at a premium to fund more purchases. That has led investors to question whether it might need to sell BTC, feeding recent price weakness.
According to Bitcoin News: "The communication switch is tricky and has caused pain for bitcoin prices," he said. In his view, Strategy Inc. is not abandoning bitcoin ownership but changing how the holdings are used.
The collateral question
Kendrick said the company needs to show it can sell bitcoin if required, yet he believes proving that ability could reduce the need to do so. He compared the effect to central banks pledging to do whatever it takes and, through credibility, ending up needing to do nothing.
STRC has around $10 billion in notional value outstanding, and Kendrick argues the bitcoin backing leaves the preferred stock heavily over-collateralized. Stronger confidence could help STRC return toward $100 from around $90.
A forecast held despite the noise
Kendrick treats the recent turbulence as short-term market reaction rather than a lasting trend change. He wrote that the bank sees it as mostly noise rather than a signal of bitcoin's medium-term direction.
As a result, Standard Chartered maintains its end-2026 forecast of $100,000, implying a roughly 56% increase from current levels. For now, BTC is trading at $64,322.89, while Strategy's stock closed Friday at $94.64.
Source: Bitcoin News
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